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The Obama Recession

Recs

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December 30, 2008 – Comments (9)

Yeah, I have taken my share of pot-shots at Paulson for seeming like the Keystone Kops in trying to solve the current financial crisis. OTOH, no one on the face of this blue, lush planet is more knowledgeable about financial markets than P, and this includes the Clinton-retreads the President-elect has chosen for his financial team. P has thrown everything, including the kitchen sink, at the problem to little avail.

Financial reporters have stated rather often that we are at least half-way through the current recession, and that the light at the end of the tunnel is just around the next corner. Beg to differ big time. Suspect that this recession will terribly stubborn, defying all efforts of Congress and Prez-elect. Current political thinking is that the Prez-elect puts in place a $1T+ recovery package, and the economy recovers just in time, making people think that the stimulus package is responsible, even though economic health would have been recovered even w/o it.

Suspect the current economic malaise will last much longer than people suspect, and that the recession will prove to be intractable to the about-to-be-installed-new-Prez-administration. Hence, it will be come to be called the “Obama Recession”, because he will seem to be impotent to do anything about it.

9 Comments – Post Your Own

#1) On December 30, 2008 at 11:28 PM, DemonDoug (82.77) wrote:

OTOH, no one on the face of this blue, lush planet is more knowledgeable about financial markets than P

Peter Schiff, Nouriel Roubini, dwot, Eric Janszen, Michael Hudson, Ron Paul, Jeff Flake, me, Gary Shilling, Robert Shiller, Christopher Thornberg, my 1 year old cat, a retarded panda... would you like me to list more people that have more finance?

What P is best at is bilking average Americans out of their hard-earned capital in what amounts to welfare for the greediest and richest americans.

I think you are right that the pain will continue, but I don't think it will be known as the Obama recession anymore than the Great Depression was known as "FDR's Depression."  Obama, like FDR, will be impotent to do anything about it though that we also agree on.

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#2) On December 30, 2008 at 11:45 PM, jeffduby (20.98) wrote:

Actually, the retarded panda was only beaten by a hair's breadth for the post. Honestly, paulson is about to bankrupt this country and we are sitting around with our thumbs up our buts. When he forces the companies recieving funds to show how it is being spent I will believing in him. Until then I am the first one signing up for the firing squad (figuratively).

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#3) On December 31, 2008 at 12:40 AM, uclayoda87 (29.24) wrote:

If the market turns around in time for President Obama’s run for re-election, the voters will think that he’s a genius.  All he has to do is fire Paulson and then take an extended vacation in Hawaii.  A four-year period of government inaction may give us a chance so salvage the economy and bring confidence back to the markets.  It’s how he won the election.  When McCain was running around destroying his chances at becoming President, participating in an ill-conceived pork laden bailout, Senator Obama did nothing and was rewarded for it.  Although Senator Obama is a lawyer, he probably had heard that physician motto:  “First do no harm”.

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#4) On December 31, 2008 at 12:51 AM, cdacorsi (65.80) wrote:

The Obama Recession...?  That’s just absurd.  HE has a great task in front of him and his Cabinet for sure.  And if Obama can some how get us out of this mess that will be great.  I am predicting that the Economy will recover around Mid Q3 and not because what the administration does but by natural economic indicators and consumer confidence returning to a quasi-normal rate.  The current recession we are in was caused by the doings of morons in office 30 years ago (Carter) and by new morons not wanting to fix the problem (Nixon,Reagan,Bushes,Clinton)

 

So hopefully its not more of the same but Change as our new President-Elect so warningly threw at us all campaign year.  I am pushing for his success!  His success makes me a lot of money.  But his failure can too LOL.  Just how to play it...

Where’s my crystal ball...

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#5) On December 31, 2008 at 1:16 AM, DaretothREdux (44.04) wrote:

DemonDoug,

You left out me...

And I will say it once again: THE EMPEROR HAS NO CLOTHES!

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#6) On December 31, 2008 at 1:29 AM, zygnoda (27.21) wrote:

Cmon!  We can't have a panda in charge because they are all communists. 

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#7) On December 31, 2008 at 1:40 AM, SockPuppetMan (< 20) wrote:

I am in total agreement with you, Jerry.  What Mr. Paulson did with Taxpayer money might not have been done in the most agreeable of methods but if you look at bond spreads, among a few other important factors, one can tell that credit is beginning to flow back into the Market.  The average citizen will complain, but then again, out of all the individuals expressing their opinion on what they believe is the best course for our economy, how many of these individuals are succesful investors?

Credit is the lifeblood of how our economic system works, without it, nothing moves.  It is beginning to thaw. Let's hope President-elect Hussein isn't able to dampen our economy's recovery.

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#8) On December 31, 2008 at 8:13 AM, TDRH (99.68) wrote:

Paulson and Bernanke are laying the ground work to inflate our way out of the crisis.   Basically making the value of the debt and any savings you may have worthless by increasing the money supply.   

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#9) On December 31, 2008 at 11:05 AM, eldemonio (98.87) wrote:

The FED actions and running the printing presses 24/7 may or may not temporarily pull us out of this slump.  One thing is for sure - it will be temporary.  We are in for some seriously bad shat.

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