Here we go again. Just like in 2003, groupthink is sweeping the nation. When the war drums were beating their loudest to attack Iraq, the media and pundits were onboard with the Bush administration lies. No one challenged what everyone knew to be true – that Saddam Hussein had weapons of mass destruction and he was going to attack the US. Now seven years later, we’re back at it again, but this time it’s that deadly deficit that will surely kill you and your family before the year is through.
Posts Tagged: Recession
The following remarks of President Barack Obama as prepared for delivery were supplied by the White House. Town hall meeting in Nashua, New Hampshire on Feb. 2, 2010.
THE PRESIDENT: Good morning, everybody. This morning, I sent a budget to Congress for the coming year. It’s a budget that reflects the serious challenges facing the country. We’re at war. Our economy has lost 7 million jobs over the last two years. And our government is deeply in debt after what can only be described as a decade of profligacy.
Here’s the complete transcript and video of President Obama’s Weekly Address on Jan. 30, 2010.
It makes a lot sense to tax the heck out windfall bank executive bonuses, and that’s what France and Great Britain are doing.
At an exclusive meeting with high-level bankers in London, former Federal Reserve Chairman Paul Volcker said that the exotic financial transactions that ruined the world economy needs to stop.
WASHINGTON — President Barack Obama is setting out fresh plans to reinvigorate the U.S. economy, focusing on incentives to small businesses and hiring to bring down the country’s 10 percent unemployment rate. http://www.huffingtonpost.com/2009/12/08/obama-jobs-speech-help-fo_n_383803.html
The economic collapse most of us are still suffering through isn’t over. Sure Wall Street bounced back in just a few short months, but for the rest of us, we’re left struggling to pay our rent and to buy food. And we’re going to continue to fight, scratch and claw our way from meager paycheck to meager paycheck for a long time to come and here’s why.
My response to Bob Herbert’s column today about unemployed recent college graduates is “that sucks.” Now imagine what it’s like to be 55-years-old and out of work. That really sucks.
President Obama continues to make the same mistake over and over again. From bankers, to members of Congress and even the American people, Obama keeps hoping everyone will just get along and find common ground.
Nobody outside of Wall Street elites and the White House inner sanctum knows what’s really going on with the alleged economic recovery. What you do know is that Goldman Sachs is going to be handing out $23 billion in bonuses this year and record profits. You also know that without the hundreds of billions of taxpayer money, Goldman Sachs wouldn’t be rolling in piles of cash while its competition was left to fail (e.g. Lehman Brothers). And if you’ve been reading the newspaper, you know the Obama administration doesn’t care.
Most people, including myself, have no idea what financial institutions do. Whatever it is they do do, it sounds like a sweet gig, especially now that any competition that may have existed before the crash of 2008, is now gone. Goldman Sachs and JPMorgan Chase are running wild with taxpayer money, no regulation and no competition.
Even while unemployment continues to climb, bailed out companies like J.P. Morgan are still making money. Last quarter, J.P. Morgan made $3.6 billion despite having to write off credit card and mortgage losses. At least someone’s making money, right?
Paul Krugman won a Nobel Prize in Economics last year and he’s apparently one of the only economists who knows what’s going on with our economy. In today’s column he takes on the Federal Reserve and the old-school mentality that interest rates should go up at the same time unemployment is increasing.
Bright, eager—and unwanted. While unemployment is ravaging just about every part of the global workforce, the most enduring harm is being done to young people who can’t grab onto the first rung of the career ladder.
If you listen to wind-bags like Glenn Beck and Sean Hannity you’d think that America is the greatest country ever formed and anyone who disagrees with them is a commie-terrorist-socialist-bastard. But if you look at where we’ve been, and more importantly, where we’re headed, the United States of America is no longer, if it ever was, the greatest country in the world.
The recession isn’t over, and there’s more evidence that we’re crawling towards another depression. Unemployment continues to increase. Conservative estimates peg unemployment at 9.8 percent and under-employment at 17 percent. The one sector of the economy seeing growth is finance, which has benefited from the taxpayer bailout, while regular folks struggle to make ends meet.
The New York Times reported today: “Job seekers now outnumber openings six to one, the worst ratio since the government began tracking open positions in 2000. According to the Labor Department’s latest numbers, from July, only 2.4 million full-time permanent jobs were open, with 14.5 million people officially unemployed.”
The Hill reported today that President Obama and the other G-20 members said that the bank bailouts successfully averted another Great Depression; all that’s left is just a bit of regulatory tweaking and we’ll be right as rain. I’m sure they’re right – all government needed to do to fix the economic crisis was to throw billions and billions of dollars at the banks who screwed everything up in the first place.
Top inspector of the Troubled Asset Relief Program says that the economy is “far more dangerous” now than before the economic collapse and subsequent bailout. So a year after last year’s run-on-the-Treasury by too-big-too-fail banks, the Troubled Asset Relief Program has done a lot to help banks get bigger and nothing to help protect the economy or taxpayers said TARP Inspector Neil Barofsky.