Obama claims progress in campaign to lead U.S. out of economic crisis

Well, I voted for Obama, but he's done a hell-of-a-job. Even in the face of constant republican criticism and not being able to fill his cabinet, because his limit on hiring lobbiest, he's been doing great.

We ain't over yet, but most Americans are pulling for success. < :-)

"The dollar is extraordinarily strong right now"

Yeah, Mizuho Bank's rate today is 100.87 yen to the almighty dollar.

"Before Obama’s speech, Senate GOP leader Mitch McConnell emphasized Republican criticism of the president’s proposed budget as an over-spending, over-taxing disaster. A Congressional Budget Office analysis released last Friday estimates Obama’s budget would generate deficits totaling $9.3 trillion over the next decade

“If these plans are carried out, we run the risk of looking like a Third World country,” said McConnell, R-Ky."

Funny that, coming from someone who helped dig the massive hole President Obama is now trying to dig the nation out of.

Sarge thank Bush for that.

Republicans always nag, and do they have a solution, fill a hole with another hole?

Read the report above. Could anyone possibly imagine the previous president formulating anythin like a plan like this? Bloody hell, it is so good for the rest of the world to have a working brain in americas top job.

"Could anyone possibly imagine the previous president formulating anythin like a plan like this?"

No, even Bush wouldn't dig us a hole as deep as the one the current president's diggin' for us.

Sarge, Bush dug a $6 trillion dollar hole and you supported every shovelful.

Obama's nowhere near that.

Obama claims progress

Ha! Its only the eye of the storm. (All you Wall Street investors, come out, come out and play!!! ...Look! Look! The sun is shining! Obama said so!) When the rest of the storm roars ashore, what will he claim then? That he is the president of the special economic Olympics?

Sarge, Bush dug a $6 trillion dollar hole and you supported every shovelful.

Obama's nowhere near that.

Agreed, he's 3.3 trillion over that.

A Congressional Budget Office analysis released last Friday estimates Obama’s budget would generate deficits totaling $9.3 trillion over the next decade

Sail, so he's nowhere near that.

Oh, and BTW, factor out the stupid Iraq invasion failure and those Congressional Budget Office estimator guys would have a cool $2-3 trillion extra play money to play with.

Why did you vote for the war again?

Why did you vote for the war again?

Not really relevant to the topic but what the hey, I'll answer.

I really didn't have much time to vote for the war, I was to busy actually fighting in it at the time.

Moderator: Back on topic please.

Obama is a disaster.

HIs idiotic cap and trade plans will neutralize what little benefit his rescue plans might bring. He is turning Mexico and Columbia against us with protectionist legislation and in Columbia's case with a petty refusal, made on ideological grounds, to renew free trade pacts.

His party plans, against overwhelming resistance, to end the secret ballot in the workplace - something we used to lecture banana republics about.

Europe's financial systems are teetering and yet Obama and Co still try to tell the US public that a nationalized health care system - like what Europe has - can bring prosperity and prevent or forestall economic crisis - like what Europe has.

Worst of all though is the lack of confidence he instills;in its place comes the feeling we have a complete amateur at the helm, and one with dangerous disregard and even contempt for the Constitution.

Sail - "Not really relevant to the topic but what the hey, I'll answer."

No, actually, you're right, the $2-3 trillion extra the govt. would have had had it not been for the Iraq war IS irrelevant, I agree.

As it stands, the U.S. govt is down $2-3 trillion, but hey, it's all pocket money, isn't it?

what has got to stop is "inherited this bad economy" What is that - a get out of jail free card?

Obama and everyone there now knew what they were getting into. I still however feel that the economy would be much the same no matter who the previous president was and as posted yesterday, the war had no real effect on the economy. Heck most of us here probably made more after the invasion.

Anyway, Obama needs to stop shouting how it was inherited. If you start a new job taking over for someone, a job you asked to have, you can't just tell the boss that the last guy screwed up so bad and that is why I am not getting things to roll. I for one hope all this grand standing comes true in the real sense, but already we (my company in the US) are seeing favorites being played on regional contracts for alternative energy projects. We are also seeing favorites being played on who gets bailed out and who doesn't. I am concerned. Bush, Obama, whoever. Could care less. But, there are many things to be concerned about with what is being proposed in terms of spending: Nationalized Health Care: Why not keep at state level? People in less affluent states are going to be paying hard for the larger states like NY and Cali. Also, can the US with its size withstand a national health care? Can the US withstand a national banking system? Putting more regulation on top of a lot of regulation at the same time keeping those responsible for much of the economic down fall is crazy (yes, I am talking about a whole lot of dems and a lot of repubs). Sushi and Aday constantly fall for the Bush excuse, but leave so much out and the scary thing is that much of the population is blind to what really happened. Instead of forcing more taxes however making everyone invest 10% of their incomes and tax their gains?

Obama claims progress in campaign to lead U.S. out of economic crisis

Not sure how many of you caught Obama's appearance on "60 Minutes" on Sunday, but it was something to see.

Steve Kroft asked Obama why he was laughing and chuckling several times while discussing the state of the world's economy.

"You're sitting here. And you're - you are laughing. You are laughing about some of these problems. Are people going to look at this and say, ‘I mean, he's sitting there just making jokes about money-' How do you deal with I mean: . . . Are you punch-drunk?"

When the leftist MSM start noticing inappropriate behavior by Obama you know we're all in trouble.

Sarge said:

Yeah, Mizuho Bank's rate today is 100.87 yen to the almighty dollar.

So Sarge would have us believe that because another currency is also strong that the USD cannot be strong. The dollar is way up against every other currency and has kept pace with the yen. Here is the truth, every other currency is considerably down with respect to the yen also.

GBP from 200 yen 5 years ago to under 140 now

EUR from 130 five years ago to a high of just under 170 (maintaining an average of 160 for a year) down to 120 now.

AUD 80 Yen five years ago (a high of about 115) to 60 yen

CAD 80 Yen five years ago, high 120, now 72

Swiss Franc (CHF) 85 104 now 80

So once again the attempts of the conservatives to deceive the JT threads is exposed.

Sarge perhaps you can explain this to JT readers. During the Bush administration it took $1.60 at one point in time to buy a Euro; it now takes about $1.30. If that does not crush your argument enough then consider that it took up to 170 Yen to purchase a Euro during the Bush administration and now it only takes 133 Yen but the Yen soared to the point that so recently as January of this year and the final quarter of last year you could buy a Euro for under 120 yen. So Sarge, your efforts to mislead readers of this thread that the dollar is in fact not strong will fall on deaf ears once they realize that the true fact is that both the dollar and the yen are very strong against other currencies.

So the world still has a great deal of confidence in the United States that is why they are choosing the USD. Too bad the conservatives do not share the confidence in the United States.

It was a wonderful press conference. All these conservatives are always talking about how Obama needs a teleprompter. However his rate of appearances before the press, answering questions unscripted, far exceeds the rate that Bush ever maintained. Obama was able to flawlessly give impromptu answers to random questions. It is a great feeling to have such a competent leader in charge of the United States of America.

It would be really nice if the conservatives believed in America like the rest of us do. Of course Democrats, as the working party, know it will take plenty of hard work to get our economy in order. Believe me, Democrats will be doing the majority of that hard work.

Great job!!!! GD

Sarge perhaps you can explain this to JT readers. During the **Bush **administration it took $1.60 at one point in time to buy a Euro; it now takes about $1.30. If that does not crush your argument enough then consider that it took up to 170 Yen to purchase a Euro during the Bush administration and now it only takes 133 Yen but the Yen soared to the point that so recently as January of this year and the final quarter of last year you could buy a Euro for under 120 yen. So Sarge, your efforts to mislead readers of this thread that the dollar is in fact not strong will fall on deaf ears once they realize that the true fact is that both the dollar and the yen are very strong against other currencies.

So the world still has a great deal of confidence in the United States that is why they are choosing the USD. Too bad the conservatives do not share the confidence in the United States.

It was a wonderful press conference. All these conservatives are always talking about how Obama needs a teleprompter. However his rate of appearances before the press, answering questions unscripted, far exceeds the rate that Bush ever maintained. Obama was able to flawlessly give impromptu answers to random questions. It is a great feeling to have such a competent leader in charge of the United States of America.

It would be really nice if the conservatives believed in America like the rest of us do. Of course Democrats, as the working party, know it will take plenty of hard work to get our economy in order. Believe me, Democrats will be doing the majority of that hard work.

Ya managed to blame Bush three times in an article where he isn't even mentioned.

skipthesong

the war had no real effect on the economy.

We've been through so much money for the hyped up war in Iraq and it has no effect on the economy? So that money that we've poured into Iraq wouldn't be helping the situation we're corrently in? I personally disagree.

During the **Bush **administration it took $1.60 at one point in time to buy a Euro; it now takes about $1.30.

So that's what the rate of exchange was on January 19, 2009 for bush and now for Obama? When was that exchange rate based?

Obama's behavior is much better than when bush made that little video where he was searching for WMD under his desk, in the trash can.... his ridicule of his own lies was so cruel, especially since over 4000 US servicemen/women and over 50,000 wounded, Iraqi deaths and refuges that still haven't come home and the rebuilding this country still has to pay for. Obama can never go over thr top compared to that little video.

Considering what bush left behind, Obama's doing pretty damn good. < :-)

the war had no real effect on the economy.

Of course it did, directly by the amount that was wasted through non-competetion contracts and indirectly by using a huge amount of oil and gas which aided in raising the price for a barrel of oil.

Yeah the dow is up a few hundred points and the government is printing money, we must be in the clear. Personally I haven't seen one damn thing the administration has done that will be anymore than a short term bandaid. You want recovery, help small businesses.

Want small business loans, try this link.

http://usgovinfo.about.com/od/smallbusiness/a/sbaloans.htm

Here are some of the details of Obama's plan:

--Jumpstart credit markets by beginning direct purchases of up to $15 billion of securities backed by loans from the SBA. --Make direct purchases to unlock credit markets for the SBA's 504 Community Development Loan program. --Provide liquidity while keeping the secondary market in place. --Eliminate borrower and lender fees for 504 loans --Increase maximum loan guarantees to 90 percent.

uasexpat - There is help coming to small businesses. < :-)

This guy is a disaster. Every mainstream media shill for Obama should resign; from Oprah to Olbermann.

This guy is a disaster. Every mainstream media shill for Obama should resign; from Oprah to Olbermann.

And the 52% of voting Americans who voted for him?

sailwind said:

Ya managed to blame Bush three times in an article where he isn't even mentioned.

Get over your obsession with Bush. People are bound to mention the last administration just a little more than 60 days after the change. You are simply trying to control others by defaming them for the mere mention of Bush. Well you won't control me. It was perfectly relevant to Sarge's false statement.

How many times have you felt the need to cite others mentioning Bush's name? I have seen you do it over and over with various posters. My comment had a hell of lot more to do with the article than your need to tell people whether I mentioned Bush. My arguments hold a hell of lot more credibility than yours. I have caught you so many times in errors and you refuse to even comment after you were exposed - and several times you repeated the false information.

By the way how does a comparison of the rate of press conferences comprise a blaming of Bush? How does a comparison of the exchange rate comprise a blaming of Bush?

You are totally obsessed and have been since the election. I suppose as our economy improves you will only get more bitter.

Since I find this article interesting and calculating how many times a person mentions a former president's name in citing facts boring, I will provide some more useful facts.

Demand for machinery and other capital goods rose in February, driving orders for durable goods up 3.4%, the Commerce Department reported Wednesday.

/

The unexpected rise in orders for big-ticket items marked the first increase after six-straight-monthly drops, an indication that domestic demand may have bottomed.

http://www.marketwatch.com/news/story/durable-goods-orders-jump-february-surprising/story.aspx

"Economists surveyed by MarketWatch had been looking for total orders to fall 1.2%."

By the way contrary to what the stock market does this is actually valid information economists can use. sailwind wanted me to withhold the part where it stated 6 straight monthly drops because, by his rules, we are not allowed to mention anything that happened in the previous 8 years.

Sales of single-family homes increased by 4.7% to a seasonally adjusted annual rate of 337,000, the Commerce Department said Wednesday. January new-home sales plunged 13.2% to an annual rate to 322,000; originally, the government said January sales fell 10.2% to 309,000

http://online.wsj.com/article/SB123798406285137541.html?mod=googlenews_wsj

This would also be actual data that economists can use not a look at the opinion of investors, which is all the stock market indicates in the short run. Wow, home sales and durable goods sales up; that is wonderful news.

I really hope these trends continue because if they don't these short term successes will be meaningless. I would love to see a trend in this direction in durable goods. That would be a good indicator for me of an increase in confidence.

With Obama's good plans we need confidence and a few adjustments, because our nation's and the world's economics are dynamic and not static, and we will drag our finances out of the muck and mire of the past.

Strongly defended his proposal to raise taxes on the wealthy by reducing the value of the deductions they may take for items such as home mortgages or charitable donations. It’s a “realistic way for us to raise some revenue from people who benefited enormously over the last several years. It’s not going to cripple them. They will still be well-to-do,” he said.

Statistically speaking the middle class donates more and gets better tax reductions. So why repeal all tax reductions based on charity. If you want to increase the taxes of one group you do it to everyone. And then only when its nessicary, which at this point it is.

Said the recent elections in Israel would not make it easier to create a stable environment with side-by-side Israeli and Palestinian states.

Because it was all sunshine and daisies before right?

There is help coming to small businesses.

Just like there was 'help' comming to the banks and AIG? Now they have, oh what was the word, oh yes, czar's watching over their every transaction. And when the banks did something that Uncle Sam didn't like they decided that the U.S government didn't have to honor their contract and decided to tax the hell out of them. "Yes comrad take a slice of the governments pie and just ignore that fishing cord, oh and if you bite something hard its simply a hook pay it no mind." So excuse me if I'm not racing to open up a coney island.

On the up side there has never been a better time to work for the Treasury department, especially the IRS.

Just like there was 'help' comming to the banks and AIG? Now they have, oh what was the word, oh yes, czar's watching over their every transaction.

As they should, they have auditors that check up on individuals who collect welfare, why not for Companies that collect welfare? If AIG loans you money, they will most likely have restrictive covenants attached about how the money spent and how often they will require auditor or internal reports to be presented to them.

And when the banks did something that Uncle Sam didn't like they decided that the U.S government didn't have to honor their contract and decided to tax the hell out of them.

Adjusting/changing the tax laws is doubtfully a breach of contract with AIG. I couldn't see an article of the contract saying something like, Article 16 - Upon acceptance of TARP(welfare) money, the Government will not adjust the tax rate for AIG or any of it's executives, until such a time as the company is proven to be profitable and no longer in need of assistance(welfare) from the government.

The worst part of the budget is decreasing deductions for charitible contributions. Many wealthy people make these donations for the deductions and the money goes to doing good work (something rarely true of tax dollars) If charitible donations decrease because of this move the government is going to have to increase its safety net. The US government does not provide the benfits of shelter and food to the poor the way European countries do and that gap is filled by charities like the Salvation Army, United Way and thousands of others. Terrible idea, stick to taxing bonuses and windfall profits if your intent on soaking the rich.

skip: good post at 5:14 pm The question I would propose in regards to national healthcare is can a country that has so many people on welfare afford national healthcare? I don't think it's our size so much as the size of the non-contributing class that makes nationalized health unlikely. In the US the real unemployment number must be staggering when you count people who have never worked. In Europe and Japan nearly everyone pays in but in the States any American even extremly liberal ones have to know that's not the case. Personally I believe we need to do something to reign in healthcare cost and I have no problem with nationalized healthcare as long as it's sustainable and does not raise the already staggering deficit.

Adjusting/changing the tax laws is doubtfully a breach of contract with AIG.

Alright, lets say you get a loan from a bank. You sign a contract, in it it states that your interest rate will remain 2% under the state average. The next day the bank enters into an agreement with every other bank in the state to quadruple the interest rate they charge. Thats illegal, that immoral, thats just flat out wrong and its no differant from what they did in Washington.

You sign a contract, in it it states that your interest rate will remain 2% under the state average.

In the bank loan casse that is written in the contract, I haven't read or heard where in the AIG contact with the government, that government agreed they would not adjust the tax rate of AIG executives, must likely because it is not in the contract. Nothing illegal about it but that is not to say that it was not underhanded.

In the bank loan casse that is written in the contract, I haven't read or heard where in the AIG contact with the government, that government agreed they would not adjust the tax rate of AIG executives, must likely because it is not in the contract. Nothing illegal about it but that is not to say that it was not underhanded.

But they raised taxes in responce to the contract. Not for the good of the American people, not because it needed to be done, no. They raised the tax out of popular opinion fueld spite on a select group of individuals whose only actual crime was adhearing to a written contract. If the legality of the bonuses was really in question the U.S government could have brought suit against AIG...and they would have lost.

The overly idealistic, puppet Obama may eventually bring the collapse of America, with his: fiat money, taking advice from the Federal Reserve (which is a group of private companies not really part of the US government as the name implies, just like Fedex), bailouts of MISMANGED companies, creating extra federal jobs (imagine a mushroom with the top too heavy for the stem, like the US government the mushroom will eventually topple over with the excessive weight). Continuing to fund billions of dollars on US bases worldwide, even if they're not needed or wanted there (the paranoid fear of big brother USA is costing America too many American lives and too much tax payers money), maybe America should just stick to diplomacy and friendly trade (in this way the terroist will have nothing to grip about). Thomas Jefferson said " When government fears the people it is democracy, when people fears the government it is tyranny. Lastly, his disregard of the United States Constitution, which is the foundation of the United States of America is frightening.