Patterico's Pontifications

The worst part of the speech was where he basically threatens all who oppose him that the current economic crisis will be another Great Depression if Congress doesn’t immediately acede to his wish list. Way to talk that economy down further into the tank, O – Man! Haven’t your minions in the MSM already done enough in that regard, all in the service for your election prospects?

Dmac (eb0dd0) — 1/8/2009 @ 1:00 pm

Using fear as a tactic to get your agenda across?

Hmmm.

Isn’t that what the left always accuses the right of doing?

Icy Texan (b7d162) — 1/8/2009 @ 1:02 pm

What ever happened to pay-go?

Vatar (3e1e8d) — 1/8/2009 @ 1:19 pm

It pay-went.

AD (80a16b) — 1/8/2009 @ 1:27 pm

Just because that dog won’t hunt, that doesn’t mean that the Obamoron Administration is still not going to load him in the truck, take him to the field, and beat him into submission until he runs off in the woods and pretends as if he’s hunting all the while just circling around and occasionally barking to let you know that he has moved.

Folks, y’all better put on the orange vest if’n you don’t wanna get shot in the Obamoron Hunting Sweepstakes.

Two Dogs (8bb66c) — 1/8/2009 @ 1:36 pm

http://operationpiedpiper.blogspot.com/

in.nomine.patris (572fc6) — 1/8/2009 @ 1:50 pm

That dog will hunt just fine. Problem is, it’s hunting me.

Kevin Murphy (805c5b) — 1/8/2009 @ 1:59 pm

It will probably be another Great Depression if he does get all this silly nonsense. Much as FDR’s programs extended the Great Depression by years longer than it would otherwise have been.

SPQR (72771e) — 1/8/2009 @ 2:06 pm

According to Obama, the only institution with enough clout to manage this economic crisis is the federal government. Aren’t you listening?

(heh, just heard Pat Toomey, Club for Growth, refute this, saying Obama has it completely wrong.)

Dana (137151) — 1/8/2009 @ 2:19 pm

I thought the problem with Bush was he was for too much government, doesn’t that suggest that the correct response is less government?

Andrew “The Sarah Palin Vaginia Monologues” Sullivan, where are you?

Joe (dcebbd) — 1/8/2009 @ 2:22 pm

We can pray for gridlock. That’s the best that can happen.

Mike K (8df289) — 1/8/2009 @ 2:25 pm

Not-yet-President Obama, acting like he is President,
Right now someone needs to act like the President on the economy cos Bush ain’t. And I don’t blame him (Bush), what really can you do when you know you have just 12 days left. Like someone said, he (Bush) must decrease and Obama must increase. At least for the good of the nation. The Emperor salutes you, DRJ.

love2008 who will now be known as Emperor7 (1b037c) — 1/8/2009 @ 2:32 pm

Its ironic that dhimmicrats screamed about the deficit because of all the republican wars, yet now that the One has spoken about the economy and proclaimed the deficit will be reaching new heights, the deficit is suddenly a non issue.

ML (14488c) — 1/8/2009 @ 2:42 pm

We can pray for gridlock. That’s the best that can happen.

That’s my fondest hope, but I have no confidence that the GOP has any spine left to counter this tidal wave of screeching economic ignorance.

Dmac (eb0dd0) — 1/8/2009 @ 2:53 pm

It occurred to me last night that perhaps the bailout funds would be best spent by simply handing them out to the poor in Africa. A trillion dollars, after all, would be $1,000.00 per person for a billion people. Immediately you’d start the engines of global commerce going, as U.S. businesses fell all over themselves to sell stuff to these people who suddenly have more cash.

Sure, the idea has all kinds of potential negative implications. But so does giving the money to all the bastards who so mishandled their businesses that we ended up in a crisis in the first place. Might as well let someone new have some free cash.

Obviously, the biggest problem would be administrative; seeing that the money didn’t just flow to the wrong people. But isn’t that the problem we face already?

Phil (223888) — 1/8/2009 @ 3:23 pm

Bend over and pay!!!!

Dan F (f14e19) — 1/8/2009 @ 3:23 pm

Barakkk is a failed community organizer who completely wasted $150 million of Annenberg money. Now he is set to completely waste $2-$3 trillion. Oh Happy Day!

Perfect Sense (9d1b08) — 1/8/2009 @ 3:27 pm

Right now someone needs to act like the President on the economy cos Bush ain’t.

Presidents aren’t kings.

Rob Crawford (04f50f) — 1/8/2009 @ 3:32 pm

“Right now someone needs to act like the President on the economy cos Bush ain’t.”

He’s acting presidential on other stuff.

“Much as FDR’s programs extended the Great Depression by years longer than it would otherwise have been.”

Till the government REALLY started spending money.

imdw (d1fb1b) — 1/8/2009 @ 3:55 pm

Pity that no one did a twist on the Pre-emptive Doctrine to kidnap and sell into slavery as sex slaves people like big mouth Chuckie Schumer who was instrumental in starting the banking bankruptcy ball rolling, Franklin Raines and Jamie Gorelick with the Fanny/Freddy fellow thieves and, in Congress, Dodd and Franks. Of course it should have been done several years back. There’s still the option of hanging them upside down from lamp posts, but that would not be approved by libtards. They would approve of laying the blame at the foot of the Bush regime and having Bush/Cheney and lackeys Rumsfeld, Rice, etc. strung up for treason and all that dissembling about wmds in Iraq.
/

aoibhneas (0c6cfc) — 1/8/2009 @ 4:00 pm

libtards.

imdw (8bb588) — 1/8/2009 @ 4:08 pm

Geeeez. C’mon. We gotta fix this thing, not kill it.
All ya need to do is this:
— Cut taxes on those with higher incomes so that extra money will go into creating new business and wealth.
— Do away with all regulation. It just hinders business from creating new business and jobs and wealth.
This equation is very, very simple. It has worked time and time again. Why try something else? If it ain’t broke don’t fix it.

Larry Reilly (45e7a4) — 1/8/2009 @ 5:44 pm

Phil,
I’m ashamed to say that I almost agree with you. However, your solution is too elegant: where is the payoff of control and voters to pols who pass this bailout?

Patricia (89cb84) — 1/8/2009 @ 5:44 pm

Comment by aoibhneas — 1/8/2009 @ 4:00 pm

Sex Slaves?
Who in their right mind would pay for Jamie Gorelick?

AD (80a16b) — 1/8/2009 @ 6:37 pm

Who in their right mind would pay for Jamie Gorelick?

I dunno.. I have some cleaning to do…

– Cut taxes on those with higher incomes so that extra money will go into creating new business and wealth.

Considering the top 10% pays almost ALL the taxes, yeah… I’d say that cutting their taxes would be fair.

Scott Jacobs (90ff96) — 1/8/2009 @ 6:49 pm

Bush has had his problems but he tried. I don’t give Rove full points here because Bush could have done more but these comments I know are true because I have videos of them on my blog.

The largely unreported story is that to fend off regulation, the GSEs engaged in a lobbying frenzy. They hired high-profile Democrats and Republicans and spent $170 million on lobbying over the past decade. They also constructed an elaborate network of state and local lobbyists to pressure members of Congress.

When Republican Richard Shelby of Alabama, then chairman of the Senate Banking Committee, pushed for comprehensive GSE reform in 2005, Democrat Sen. Chris Dodd of Connecticut successfully threatened a filibuster. Later, after Fannie and Freddie collapsed, Mr. Dodd asked, “Why weren’t we doing more?” He then voted for the Bush reforms that he once called “ill-advised.”

They blocked what half-hearted reforms were proposed by Bush and McCain. Now, Dodd and Frank are stonewalling (sorry about the pun, Barney).

MIke K (2cf494) — 1/8/2009 @ 8:02 pm

Comment by MIke K — 1/8/2009 @ 8:02 pm
Yes, Rove gave them chapter and verse in his OpEd in today’s WSJ, didn’t he?

Only trouble is, it is a few years late!

AD (80a16b) — 1/8/2009 @ 8:40 pm

Right now someone needs to act like the President on the economy cos Bush ain’t. ”

WHY? The stock market goes up when Congress is not in session. The market goes down every time Obama or Treas secty paulson say something. It’s a sad and sick joke, but our economy would be better off if the people in DC just up and decided to DO NOTHING.

The guy saying that Obama’s bill will give us GD 2.0 is right. FDR lengthened the Great Depression and obama’s disaster bill will turn America into a 3rd world debt-burdened bad-economy over-spending basketcase of semi-socialism.

more here:
http://travismonitor.blogspot.com/2009/01/massive-new-govt-spending-harms-economy.html

Travis Monitor (cfa2f1) — 1/8/2009 @ 8:50 pm

Larry Reilly:

– Cut taxes on those with higher incomes so that extra money will go into creating new business and wealth.
– Do away with all regulation. It just hinders business from creating new business and jobs and wealth.

I prefer tax cuts and less regulation but I wouldn’t complain much if Obama and Congress actually implemented your suggestion. Unfortunately, I think they will increase taxes on the very rich and increase regulations. The rich will shield their incomes through tax shelters and charitable foundations, or move their money offshore or into tax-exempt bonds. Meanwhile, job-creating businesses and middle class entrepreneurs will be disabled by increased regulations. Together, that will make things twice as bad as doing nothing.

DRJ (345e40) — 1/8/2009 @ 8:53 pm

“– Cut taxes on those with higher incomes so that extra money will go into creating new business and wealth.
– Do away with all regulation. It just hinders business from creating new business and jobs and wealth.
This equation is very, very simple. It has worked time and time again. Why try something else? If it ain’t broke don’t fix it.”

I would be more targetted:
1. Make 15% rate of cap gains permanent; cut AMT completely; make Bush income tax cuts permanent so we have NO NEW TAX HIKES in next few years; cut corporate rate to 25%, and all other rates by across the board 5%; give a tax break for health savings accounts;
2. repeal sarbanes oxley; replace SEC and other regulatory boards with single financial sector oversight agency. Make clear NO REGS ON CO2 FOR THE NEXT 5 YEARS. No globaloney regulation unless we actual see temperatures rise above the levels of 10 years ago.

Travis Monitor (cfa2f1) — 1/8/2009 @ 8:54 pm

In 1933, upon being sworn into office, FDR proclaimed a “Bank Holiday”.
In reaction, to this and subsequent actions, the investor class proclaimed a “Capital Holiday” which remained in effect until it was time to ramp up industry to make war goods.

BHO mimics FDR at his, and our, peril.

AD (80a16b) — 1/8/2009 @ 9:20 pm

I read BS like the following and I think the best way to revive the economy — for Americans to grab a fast buck in today’s era — is for everyone to sue everyone else.

Such a tactic would make even more sense in light of all the ambulance-chasing trial lawyers (and the various judges who play footsies with them) who snuggle up to the people similar to Andrew Cuomo — and his ideology — and the political party he’s attached to, the same one that will be running the federal government, and that also loves smooching with the Clintons, Gores, Bidens, Obamas, Al Frankens, Michael Moores, etc).

New York Times, Jan 7:

Arbitron, the radio ratings company, will overhaul a new measurement system for radio stations under a settlement announced Wednesday with the New York and New Jersey attorney general’s offices.

The agreement settles a three-month-old lawsuit by the states, after accusations that Arbitron’s new ratings system did not adequately account for young black and Hispanic residents, people who do not speak English, and cellphone-only households.

Under the agreement with the states, Arbitron is required to “substantially improve” the methodology for the people meters, the office of the New York attorney general Andrew M. Cuomo said in a statement.

In addition, Arbitron will pay $260,000 to New York and $130,000 to New Jersey to resolve the suit, pay $100,000 to a trade group associated with minority radio stations, and pay for an advertising campaign supporting minority radio.

Mark (411533) — 1/8/2009 @ 10:24 pm

In 1933, upon being sworn into office, FDR proclaimed a “Bank Holiday”.
In reaction, to this and subsequent actions, the investor class proclaimed a “Capital Holiday” which remained in effect until it was time to ramp up industry to make war goods.

What actually happened was that FDR kept changing the rules. During a conference on exchange rates in 1934, he kept changing the price of gold every day. Nobody could figure out the rules. So they didn’t invest. If Obama would set out a set of rules, no matter how bad, people would figure out how to deal with them. The worst is to keep changing the rules.

MIke K (2cf494) — 1/8/2009 @ 10:32 pm

The worst is to keep changing the rules.

Yes, but stable and consistent rules leave politicians and bureaucrats open to the charge of “not doing anything”.

Rob Crawford (04f50f) — 1/9/2009 @ 6:45 am

“In 1933, upon being sworn into office, FDR proclaimed a “Bank Holiday”.
In reaction, to this and subsequent actions, the investor class proclaimed a “Capital Holiday” which remained in effect until it was time to ramp up industry to make war goods.”

You’re familiar with what the “bank holiday” entailed? The ‘bank holiday’ stopped runs on banks. Stopped people from losing their capital.

imdw (86f30f) — 1/9/2009 @ 8:53 am

John Stossell had a nice rebuttal, too, at Townhall. I had not realized that Keynes did not approve of FDR’s machinations!

Patricia (89cb84) — 1/9/2009 @ 8:59 am

“Till the government REALLY started spending money.

Comment by imdw — 1/8/2009 @ 3:55 pm”

imdw – We really started spending when we ramped up for WWII. It’s amazing what that war economy did for employment.

Do you think we need to invade some more countries imdw?

daleyrocks (5d22c0) — 1/9/2009 @ 12:20 pm

I shall continue to refer everyone back to Patterico’s fine idea that Baracky simply do nothing. But, as we all know, that is way too much to hope for.

JD (085a0e) — 1/9/2009 @ 12:35 pm

“imdw – We really started spending when we ramped up for WWII. ”

I know.

“Do you think we need to invade some more countries imdw?”

For the economy? No.

imdw (f30eb8) — 1/9/2009 @ 3:42 pm

“His solution is money and government.”

No DRJ that is the current administration’s solution. The difference between Bush and Obama is that O(says he) wants to give the money to a whole raft of different groups of people and get the econ going again by their spending it. The current admin apparently just wants to give money to the people who lost it in the first place, in other words, to failed gamblers.

imdw- Are you suggesting that FDR did NOT prolong the great depression? That notion is simply incorrect. Detailed analysis of crop circles has proven that the Depression was all FDRs looney liberal fault. His and Barney Franks. All their fault.

EdWood (ab1c69) — 1/9/2009 @ 7:26 pm

EdWood,

Glad to see you back. I’ve missed you and your comments. Sadly, I agree Bush spent money like water and that he’s increased the size of government. But I disagree that Obama’s plans are better. The reports and his public statements indicate Obama plans to do more of the same, only bigger.

DRJ (345e40) — 1/9/2009 @ 7:32 pm

The WSJ has a good piece about how relevant, especially in light Obama’s economic proposals, Atlas Shrugged is. We are literally living it right here and now and that is not a comforting realization. Government grew tremendously under Bush and will continue to grow under Obama. There is nothing to indicate otherwise. And pols are the last people to believe that doing nothing (or doing the bare minimum) can in reality be doing the one something that can save the day.

The more incompetent you are in business, the more handouts the politicians will bestow on you. That’s the justification for the $2 trillion of subsidies doled out already to keep afloat distressed insurance companies, banks, Wall Street investment houses, and auto companies — while standing next in line for their share of the booty are real-estate developers, the steel industry, chemical companies, airlines, ethanol producers, construction firms and even catfish farmers. With each successive bailout to “calm the markets,” another trillion of national wealth is subsequently lost. Yet, as “Atlas” grimly foretold, we now treat the incompetent who wreck their companies as victims, while those resourceful business owners who manage to make a profit are portrayed as recipients of illegitimate “windfalls.” (emphasis added)

http://online.wsj.com/article/SB123146363567166677.html

Dana (137151) — 1/9/2009 @ 7:55 pm

DRJ- I have a new 10 lb.9 oz. distraction which is amazing. Now I can at least claim that some of my more far out comments are due to sleep deprivation.

Since I am a new parent I am hoping that someone will come up with something that works… or that failing, that the nation will make a recovery in spite of Government’s best efforts to help.

EdWood (3299b6) — 1/9/2009 @ 8:28 pm

EdWood, the latter is by far the better chance as the former reeks failure. RE: USSR

John Hitchcock (fb941d) — 1/9/2009 @ 8:32 pm

1/8/2009

Obama’s Economic Speech

44 Responses to “Obama’s Economic Speech”

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