Obama must be an evil genius!

http://www.youtube.com/watch?v=ep_-5PEANMk


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If the economic stimulus program doesn't work...

Dan_in_Cincinnati's picture

...Obama will be held responsible.  Unemployment is getting worse.  At some point we will need to see results from the billions and trillions spent to get the economy going again.

{;-) Dan in Miami

Don't be too sure

FearlessFreep's picture

I have a feeling Obama may stay popular no matter how bad conditions get.

 

They'll spin it to blame it

jazzdrive3's picture

They'll spin it to blame it on Obama's opposition. If only they had been more supportive...

It's not going to get better. It's going to get much worse.

Obviously the stimulus wasn't big enough

Scumby's picture

That's what these crass Keynesian economists always say in order to be "right" no matter what happens.

Keynes is to modern politicians as Calvin was to wealthy Germans: he pitched a creed that provided a moral justification for what they were inclined to do anyway.

Michelle says his stimulus is big enough

Rajah's picture

wish I had a stimulus that big!

Why didn't economists predict the recession?

Dan_in_Cincinnati's picture

Almost none of the world's economists predicted the huge mess we are now in.  Why?  If they can't see something like this coming what good are they?

First of all economists didn't understand the importance of the financial markets.  Wall Street scum had created a huge bubble by overvaluing real estate and by giving home loans to people who had no chance of paying back the loans.  Then they bundled those loans and sold this "product" around the world.

Another problem is that most economists are theorists.  They don't study economic history.  If they did they would have realized that there have been many previous economic bubbles going back for centuries.

http://www.washingtonpost.com/wp-dyn/content/article/2009/07/05/AR200907...

{;-) Dan in Miami

 

Economics doesn't predict anything

Scumby's picture

It's a bunch of logical-sounding but often contradictory mumbo-jumbo, like political science or philosophy.  Consumers need to save to spend, but they need to spend in order for there to be savings.  Government needs to spend to stimulate private sector spending, but government spending crowds out private sector spending.  You can stand on both sides of an economic argument and be right no matter what happens.

If economists spent more time with accounting analysis and less time promoting bogus oversimplified models they might get somewhere.

 

Plenty of economists

jazzdrive3's picture

Plenty of economists predicted the crisis. Have you not seen the Peter Schiff youtubes?

Pretty much the entire Austrian school of economics knew this was coming ever since Greenspan deliberately created the housing bubble.

What do you mean by accounting analysis?

Dan_in_Cincinnati's picture

{;-) Dan in Miami

PS:  Anyone who tried to figure out Hollywood's accounting would probably go insane.

Accounting

Scumby's picture

I mean balance sheets and cash flows.  Not imaginary multipliers and bogus curves purporting to show that the economy follows hemlines, interest rates, or "consumer confidence".

The economy is in great shape!

Rajah's picture

Governing in crisis mode, Obama imitates the chimp

Dan_in_Cincinnati's picture

Prez Obama is a very good speaker.  He doesn't need to resort to the the type of scare tactics that Chimpy McCokespoon used to get his agenda through Congress.

http://www.reason.com/blog/show/135026.html

{;-) Dan in Miami

The editor of a Libertarian mag and another Libertarian don't

Coaster's picture

like what Obama has been doing and what he plans to do.

How utterly shocking.  I'm flabbergasted.

Obama is personally popular

Dan_in_Cincinnati's picture

But some of his policies are not.  From Slate.com:

In the CBS/New York Times poll, 60 percent said they didn't think the president has a plan for addressing the deficit. It's not that they don't like his plan—they don't even think he has one.

The president has also tried to convince people that his stimulus bill has been working. The message hasn't gotten through, either. His claim that 150,000 jobs have been saved or created has been panned by the press, factcheck.org, and analysts, and the public doesn't seem to be buying it, either. In the CBS poll, 63 percent say Obama's policies have either had no impact on the economy or made it worse.

http://www.slate.com/id/2220798/pagenum/2

{;-) Dan in Miami

Yes, the public can in fact be that clueless

Coaster's picture

This mess was decades in the making.  Do reasonable people really expect Obama to turn the economy around in six months?   The instant gratification spoiled brat segment of the American populace must wrong-headedly consider Obama's economic leadership, as the Net Kids say, an EPIC FAIL.

I predict the situation will be resolved similarly to the one illustrated below. 

Mega Dittos

gamerarocks's picture

Yes, the public can be that clueless, and that level of cluelessness is nigh boundless. 

Impeach Jim Gibbons!

 

The Obama stimulus bill doesn't do much this fiscal year

Dan_in_Cincinnati's picture

From conservative columnist David Brooks in the NY Times:

We’re only in the early stages of the liberal suicide march, but there already have been three phases. First, there was the stimulus package. You would have thought that a stimulus package would be designed to fight unemployment and stimulate the economy during a recession. But Congressional Democrats used it as a pretext to pay for $787 billion worth of pet programs with borrowed money. Only 11 percent of the money will be spent by the end of the fiscal year — a triumph of ideology over pragmatism.

Then there is the budget. Instead of allaying moderate anxieties about the deficits, the budget is expected to increase the government debt by $11 trillion between 2009 and 2019.

Finally, there is health care. Every cliché Ann Coulter throws at the Democrats is gloriously fulfilled by the Democratic health care bills. The bills do almost nothing to control health care inflation. They are modeled on the Massachusetts health reform law that is currently coming apart at the seams precisely because it doesn’t control costs. They do little to reward efficient providers and reform inefficient ones.

http://www.nytimes.com/2009/07/21/opinion/21brooks.html?_r=1

{;-) Dan in Miami

PS:  The Dem health care bills would benefit me.  I don't have health insurance.

 

Germany's economy booms. US economy not so much.

Dan_in_Cincinnati's picture

The Germans have an idea that seems to be working.  Instead of paying unemployment they pay companies to keep workers on the job.  This has the benefit of preserving jobs.  Also when the economy picks up the skilled workers are already in place to take advantage of it.  So it is good for the companies as well as the workers.

The German economy is expected to grow by about 9% this year.  If that happens it will be the best since German reunification 20 years ago.  From the NY Times newspaper online:

Government officials here [in Germany] are confident they found the right approach, including a better solution to unemployment. They extended the “Kurzarbeit” or “short work” program to discourage companies from firing employees. The government makes up for lost wages out of a fund filled in good times through payroll deductions and company contributions.

At its peak in May 2009, roughly 1.5 million workers were enrolled in the program. TheOrganization for Economic Cooperation and Development recently estimated that by the third quarter of 2009, more than 200,000 jobs may have been saved as a result.

http://www.nytimes.com/2010/08/14/world/europe/14germany.html?partner=rss&emc=rss

{;-) Dan in Miami

PS:  Instead of blaming Obama and wasting money on economic stimulus that just adds to the crippling deficit, maybe we should do what the Germans do:  avoid personal and government debt and save our money for a rainy day fund to keep workers on the job.

 

That's because Germany still makes things

Rajah's picture

We've out sourced so many of our manufactoring jobs for cheap labor

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