Majority Leader Hoyer Admits Dems Have Failed To Create Jobs

Thanks for the admission, Captain Obvious!

Failure 2.0: Obama Proposes MORE Spending Package to Boost Economy (Video)

President Barack Obama outlined a series of new government stimulus and jobs proposals on Tuesday, saying for the short term the nation must continue to "spend our way out of this recession."

Great! Cuz the first "Stimulus" worked so well, right? More failed Keynesian economic theory...*sigh*

Obama About "Legalizing Prostitution, Gambling, Drugs & Non-Violent Crime To Stimulate Economy" (Video)

What's worse here? The idiot who asked the question? Or the idiot who spent 9 minutes non-answering the stupid question?

When Presidents vote present...

Slobbering Liberal Media Update: Networks Far Less Negative Towards Obama Than Reagan Regarding Economic Woes (Video)

Here's a shocker! The media is protecting Obama? Who knew!?!

Despite Poor Economy, Texas State Fair Still A Big Money Maker (Video)

That's because they still do things the good old American way down there!

If only we could have a Texan as President..*sigh*...

Obama who created this financial mess blames the GOP and tells all opposition to "shut up" (Video)

Again...wasn't he supposed to be a uniter and not a divider? He has succussfully polarized this country beyond anything I have seen in my lifetime.

"Shut up"? As in... Silence? As in... The First Amendment to the United States Constitution is the part of the United States Bill of Rights that expressly prohibits the United States Congress from making laws "respecting an establishment of religion" or that prohibit the free exercise of religion, infringe the freedom of speech, infringe the freedom of the press, limit the right to peaceably assemble, or limit the right to petition the government for a redress of grievances.

Alan Greenspan: "We've Already Seen The Bottom" In Recession (Video)

Former Federal Reserve Chairman Alan Greenspan suggests to George Stephanopoulos that "there's been a very significant improvement in the financial system... where the problems have been," and that as far as the retracting economy: "I'm pretty sure we've already seen the bottom... Collapse is now off the table."

"The state of confidence in the economy is beginning to pick up," he suggests.



Bloomberg reports:

Aug. 2 (Bloomberg) -- The most severe recession in at least five decades may be ending and growth may resume at a rate faster than most economists foresee, former Federal Reserve Chairman Alan Greenspan said.

“We may very well have 2.5 percent in the current quarter,” Greenspan said in an interview today on ABC’s “This Week” program. “The reason is there has been such an extraordinarily high rate of inventory liquidation that the production levels are well under consumption.”

The U.S. economy contracted at a better-than-forecast 1 percent annual pace in the second quarter, the Commerce Department reported July 31. Stabilization of housing markets and consumer spending, a lessening of financial turmoil and increased government spending all suggest the longest recession since the 1930s may be close to ending.

“I’m short-term optimistic, but with many caveats,” the former Fed chairman said. Housing markets have “stabilized temporarily” though it is “possible” the economy might relapse if there is a further slide in home prices of more than about 5 percent.

‘Close to Stabilization’

“I don’t think it’s going to happen, but I do think it is possible that we could get a second wave down,” he said. “But the important issue is that if we don’t, and I think the probability is that we won’t, that we are close to stabilization.”

Economic growth will average 1 percent in the current quarter, according to a Bloomberg News survey of economists in July.

“I’m pretty sure we’ve already seen the bottom,” Greenspan said. “In fact, if you look at the weekly production figures for various different industries, it’s clear that we’ve turned, perhaps in the middle of last month, the middle of July.”

He predicted “the unemployment rate is going to continue to rise, but more slowly than it’s been. We’ll continue to have job loss, but that’s slowing as well.”

Fed Chairman Ben S. Bernanke projected a week ago the U.S. unemployment rate will top 10 percent, up from 9.5 percent in June, even as the economy recovers. Growth of about 1 percent is likely in the second half of the year, Bernanke said at a town- hall-style meeting.

Obama Lies Again!; Says Economy 'Pulled From the Brink' (Video)

In opening remarks during a press conference, President Barack Obama says that progress has been made repairing a broken economy. The president pointed to the Recovery Act as one of the positive steps his administration has taken.

Uh....what? What numbers is he looking at? The Recovery Act is a complete bullshit! Wake up, America!!!!!!!!!!! This guy is nuts!

Peter Orszag On Fox News Sunday "Economy Worse Than We Thought" (Video)

Obama's budget director echoes Joe Biden's statement last week. Hey, when it doubt, blame Bush!

Is anyone else thinking that maybe this administration should get it facts straight before rushing to pass bogus legislation which mortgages our future and leads us down the path towards socialism? Or worse?



He did say though, there is hope in the future:

Orszag: Economy slowly improving

Orszag sees signs that the economy is beginning to improve, even as the unemployment rate grew beyond the administration's initial estimates.

The "sense of panic and fear" in the financial markets has dissipated, said Orszag, and the second quarter GDP numbers are likely to improve from the first quarter. The economy will start to recover at the end of the year, but unemployment will remain high, he said.

"Mixed messages are part of what happens during these kinds of periods," he said. "This took a while to build up it's going to take a while to get out of it."

Unemployment Rises to 9.5 Percent; Obama's Labor Secretary Says Administration "Needs To Do Better" (Video)

Labor Secretary Hilda Solis says the administration "needs to do better" to address the needs of the jobless. Her interview with The Associated Press came after the Labor Department reported that the June unemployment rate rose to 9.5 percent.

Obama On Regulatory Reform, Admits Unemployment Will Reach 10%, Rep. Cantor Responds (Video)

Bloomberg has a preview on President Obama's speech plan to overhaul the nation's regulatory structure.

June 17 (Bloomberg) -- The Obama administration plans to restrict the Federal Reserve’s emergency-lending powers while endowing it with authority overseeing systemic risk, ushering in what may become the Fed’s biggest overhaul in decades.

President Barack Obama’s proposal on financial regulation, to be released in Washington today, would force the central bank to get written approval from the Treasury before it extends emergency funding, according to a copy of the document obtained Bloomberg News. Obama also calls for a study of the Fed’s governance structure, including how it regulates financial firms.

The move is part of a proposal that would alter almost every facet of federal rules for the industry, aiming to prevent the regulatory lapses and risk build-up that led to the worst crisis since the Great Depression. Much of the plan will require approval in Congress, where jurisdictional battles and ideological clashes may delay and alter the legislation. Obama aims to sign a bill by the end of the year.

“We have to have somebody who is responsible for seeing the risks of the system as a whole and not just individual institutions,” Obama said yesterday in an interview with Bloomberg News, referring to making the Fed the systemic risk regulator. “The Fed is best positioned to do that.”

On Bloomberg this morning, House Republican Whip Eric Cantor (R-VA) discussed the Administration's new financial regulations to be announced today.

"Red, White and Pink Slip Blues": Hank Williams Jr. Sings New Song About Barack Obama Economic Recession (Video)

Country music legend Hank Williams, Jr. joins Fox & Friends to perform his latest, timely hit "Red, White and Pink Slip Blues."

As unemployment soars towards 10%, expect many more such artistic expressions of distress and dissatisfaction with President Barack Obama's mishandling of the greatest economy in the world.

EXCLUSIVE AUDIO: Limbaugh Mocks Recession During Speech To Wealthy Right-Wing Donors (Video)

MS NBC Obama synchophants, unfortunately, respond in their arrogant snarky way.

From Left Wing Think Progress:

Last [week], Rush Limbaugh came to Washington, D.C. to address the President’s Club Dinner, a meeting of wealthy donors and supporters of the Heritage Foundation. The audience included Supreme Court justice Clarence Thomas, Sen. Jim DeMint (R-SC), as well as various millionaire trustees of the Heritage Foundation, like Thomas Saunders.

After more or less reprising his radio show routine, Limbaugh went on to brag about his $400 million contract with Clear Channel Communications. As he continued to gloat about his show’s success, Limbaugh mocked the idea that Americans are suffering, noting, “I’ve never had financially a down year” despite the “supposed” recession:

LIMBAUGH: But during all this growth I haven’t lost any audience. I’ve never had financially a down year. There’s supposedly a recession, but we’ve got - what is this May? Back in February we already had 102% of 2008 overbooked for 2009. [applause] So I always believed that if we’re going to have a recession, just don’t participate. [laughter]

Obama: Economy Showing "Glimmers of Hope"; Steele Laughs Off The Recession: "The Malls Are Just As Packed On Saturday" (Video)

President Barack Obama says that the economy is beginning to show "glimmers of hope" but remains under "severe stress."



Here's Michael Steele's take:

Obama Recession Update: VIDEO: Britsh PM Blasted at EU Meeting: 'You've Run Out Of Our Money!'

"The truth, Prime Minister, you have run out of money!"

Britain's Parliament contines to blast spending as a cure for recession.

Obama/Pelosi Socialites beware!



Related:

EU President Slams Obama Plan!


VIDEO: Bank of England Head; No More Stimulus "Economy In Too Much Debt"!

Obama Recession Update: U.S. Dollar Drops To Lowest Level In 25 Years

Thank you Mr. Obama, you're truly Special!

Bloomberg reports:

March 21 (Bloomberg) -- The dollar dropped the most against the currencies of six major U.S. trading partners since the Plaza Accord almost a quarter-century ago as the Federal Reserve’s plan to purchase Treasuries spurred speculation that it’s debasing the greenback.

“What it introduces is the problem of the currency to the extent that the Fed is buying what isn’t desired by foreign holders,” said Bill Gross, co-chief investment officer of Pacific Investment Management Co., in an interview on Bloomberg Television on March 19. “The Fed can keep interest rates where they want to keep them, at least for a 6- to 12- to 18-month period of time, but it will have consequences down the road.”

The U.S. currency weakened beyond $1.37 per euro this week for the first time since January as the central bank’s decision to increase its balance sheet by $1.15 trillion lowered yields, making American assets less attractive. The Norwegian krone and the New Zealand dollar rallied as the Fed’s move spurred advances in commodities.

The dollar depreciated 4.8 percent to $1.3582 per euro yesterday, from $1.2928 on March 13. The U.S. currency touched $1.3738 on March 19, the weakest level since Jan. 9. The dollar also fell 2.1 percent to 95.94 yen from 97.95. The euro increased for a fifth week versus the yen, gaining 2.9 percent to 130.29 after touching 130.49 yesterday, the highest level since Dec. 18.

The ICE’s trade-weighted Dollar Index dropped 4.1 percent this week to 83.84, the biggest decrease since the week in September 1985 when the U.S., U.K., France, Japan and West Germany agreed at New York’s Plaza Hotel to coordinate the devaluation of the dollar against the yen and deutsche mark.

Great. Just great.

VIDEO: Nervous Democrats Are Urging the White House to Hurry Up on Fixing the Economy

Reported by CNN of all places? Is the media turning on The Chosen One?

Hurry up, the Democrats ask?

Face the truth people: Obama and Geithner have no idea how to fix The Obama (Depression?) Recession!



CNN Reports:

WASHINGTON (CNN) -- Some Democrats are increasingly concerned about President Obama's $787 billion financial fix for the ailing economy, and are demanding greater transparency on further spending.


With the White House seemingly comparing the nation's economy to a house on fire, some congressional Democrats are asking, where's the fire truck?

One New Hampshire congresswoman said as much to Treasury Secretary Tim Geithner on Capitol Hill recently.

"I said, hurry, please hurry, because people are waiting and they are hurting, and they need the help now," Rep. Carol Shea-Porter, D-New Hampshire, said.

She's one of a growing number of nervous Democrats on edge or at odds with some of the Obama's administration's plans on the economy.

Some are taking aim at the president's budget proposals that would curb popular tax deductions for wealthier Americans. Watch more on why some Democrats are nervous.

"I don't think ultimately the criticism is surprising. That certainly happens and is all part of the process," said White House Press Secretary Robert Gibbs.

As a nod to moderate concerns, Obama took steps to make his budget more transparent. He included items former President George W. Bush passed separately in recent years to obscure the true operating cost of the government, such as the money for the wars in Iraq and Afghanistan, an annual multibillion-dollar fix of the fees Medicare pays physicians and Alternative Minimum Tax relief for the middle class.

Sen. Evan Bayh, D-Indiana, who along with Nebraska Democrat Ben Nelson and Connecticut Independent Joe Lieberman is one of the so-called Gang of 15 -- a coalition of moderate Democratic senators -- says it's all about the messaging.

"Like getting health care costs under control is important to the economy and getting the deficit down," he said. "Sustainable sources of energy at reasonable prices is also important to the economy. Dealing with the financial crisis is obviously important to the economy."

Bayh added: "So what needs to be done is, Obama's got to move on all these fronts but also integrate them back to the same theme of always strengthening the economy, getting people to work, growing businesses, improving our standard of living."

Obama Recession Daily Update: Majority Of Americans Think We Are Likely To Enter A 1930s-Like Depression

Some economists have sad Obama is making an already bad economy much, much worse.

The Wall Street Journal says Obama's radicalism is killing the stock markets.

Team Obama does not worry about day to day trends in the stock market

From Rasmussen Reports:

Most Americans (53%) now think the United States is at least somewhat likely to enter a 1930’s-like depression within the next few years.

The latest Rasmussen Reports national telephone survey found that 39% think this outcome is unlikely.

Nineteen percent (19%) say a Depression is Very Likely while 7% say it is not at all likely.

The latest results are more pessimistic than those found in early January, when 44% said a 1930’s-like depression was likely in the next few years, and 46% disagreed.

In March 2008, only 38% of adults said the country is likely to slip into a depression, while most (55%) disagreed.

From Evil Conservative:

On Oct 9, 2007, the Dow Jones Industrial Average hit its all-time high of 14,164.

On Nov 19, 2007, Barack Obama took the lead in the Democrat primary race for Iowa- the Dow was at 13,176.

On May 9, 2008, Obama took the lead in superdelegates for the Democrat nomination. The Dow was at 12,745.

On Jun 3, 2008, Obama clinched the Democrat nomination for President. The Dow was at 12,603

On Nov 4, 2008, Obama won the election. The Dow was at 9625.

On February 17, Obama signed into law his Trillion-Dollar Turd. The Dow was down to 7552.

As of today, despite yesterday's gains, The Dow is down to 6900.

Obama Recession: Daily Update

Maybe Obama's "doom and gloom" strategy will become a self-fulfilling prophecy! Be careful what you wish for, President Apocalypto!


(Image via Evil Conservative)

Investors see a dark road ahead as confidence levels reach an all-time low.

Investor confidence has fallen to a new all-time low as expectations of future economic performance continue to decline.

The Rasmussen Investor Index, which measures confidence on a daily basis, fell four points on Sunday to 53.4. That's down four points from a week ago, down six points from a month ago, and down thirty-three points from a year ago.

And it's not just investor confidence which may make matters worse. Americans have little sense of certainty of when things will turn around.

WASHINGTON (AP) - Factory jobs disappeared. Inflation soared. Unemployment climbed to alarming levels. The hungry lined up at soup kitchens.

It wasn't the Great Depression. It was the 1981-82 recession, widely considered America's worst since the depression.

That painful time during Ronald Reagan's presidency is a grim marker of how bad things can get. Yet the current recession could slice deeper into the U.S. economy.

If it lasts into April - as it almost surely will - this one will go on record as the longest in the postwar era. The 1981-82 and 1973-75 recessions each lasted 16 months.

Unemployment hasn't reached 1982 levels and the gross domestic product hasn't fallen quite as far. But the hurt from this recession is spread more widely and uncertainty about the country's economic health is worse today than it was in 1982.

Back then, if someone asked if the nation was about to experience something as bad as the Great Depression, the answer was, "Quite clearly, 'No,'" said Murray Weidenbaum, chairman of the Council of Economic Advisers in the Reagan White House.

"You don't have that certainty today," he said. "It's not only that the downturn is sharp and widespread, but a lot of people worry that it's going to be a long-lasting, substantial downturn."

The World Bank says we're screwed and this could be the first year of negative economic growth in over 70 years!

In a bleaker assessment than those of most private forecasters, the World Bank predicted Sunday that the global economy would shrink in 2009 for the first time since World War II.

The bank did not provide a specific estimate, but bank officials said its economists would be publishing one in the next several weeks.

Until now, even extremely pessimistic forecasters have predicted that the global economy would eke out a tiny expansion but had warned that even a growth rate of 5 percent in China would be a disastrous slowdown, given the enormous pressure there to create jobs for the country's rural population.

The World Bank also warned that global trade would contract for the first time since 1982, and that the decline would be the biggest since the 1930s.

But the good news is that Obama is planning on easing trade restrictions with Cuba!

Maybe I can use my $8 dollar "tax cut" and buy that Cuban stogey I always wanted!

The Obama Depression? Economist Says Obama Making Already Bad Economy Much, Much Worse

President Obama has used the fear-mongering of the "worst economic crisis since The Great Depression" as the impetus to pass his radical Socialist agenda.

The irony is, he may be on the verge of making a bad situation even worse.

Maybe 100 years from year -- if America still exists -- people will be talking about The Obama Depression.


Click to enlarge; chart compares the S&P 500 during the Great Depression to the current trends. This may end up worse than anyone would have predicted.

Donald Luskin, an economist at Smart Money makes the case:

Over the last couple years I loved to ridicule all the scaremongers who always said this, that or the other thing is “the worst since the Great
Depression.” I stand by my ridicule, for the most part -- those prophets of doom were mostly broken clocks who look right now just by sheer luck. But there's no question now that things have gotten quite bad in the economy and the markets.



So let me do the preachers of Armageddon one better. Today's stock market isn't just the “worst since the Great Depression,” like they're so fond of saying. No, it's even worse than the Great Depression.



Take a look at the chart, below. It shows the daily progress of the S&P 500 in terms of percentage change from the very top. The brown line is the change from the recent all-time highs on October 9, 2007. The blue line is the change from the all-time highs just before the Great Depression, September 6, 1929.



As of yesterday's close (Thursday, March 5), the S&P 500 has lost 56.4% from its all-time highs 513 days ago. At the same point in the bear market associated with the Great Depression, that is at the 513 day mark, the S&P 500 had only lost -- only! -- 49%.



In other words, to be no worse than the catastrophe that happened to stocks in the Great Depression, the S&P 500 today would have to rally 17%.



Looking forward, if stocks are going to continue along the same bleak path they followed during the Great Depression, then I have good news and bad news. The good news is that we're halfway through it. In the Great Depression, the bear market lasted 997 days. We passed that halfway mark two weeks ago. Maybe that's what Barack Obama meant when he said, as he signed the so-called “stimulus” bill, that this was “the beginning of the end.”



He signed that bill on Friday the 13th, by the way. Which brings me to the bad news. By the time the bear market was over in the Great Depression, on that 997th day, the S&P 500 had lost 86.2% from the top. To match that, we'd have to fall another 68.3% from here. Hmmm… maybe that's what the president meant when he said this was “the beginning of the end.”





We can't blame President Obama for the mess he inherited. But we can definitely blame him for making it worse. Stocks are off 28.4%since his election, 15.2% since his inauguration, and 17.2% since his so-called “stimulus” bill was enacted. To say the very least, whatever he's doing, it ain't working.



I have to say I'm a little surprised. I didn't support Obama in the campaign, but I had expected that the wave of good feelings from the election of such a charismatic man would help lift the economy and the markets out of their doldrums. And while I don't agree at all with his liberal orientation in economic policy, at least I thought he was generally a centrist who wouldn't muck things up too much or too quickly. I even hoped his so-called “stimulus” bill would at least have a placebo effect.




But Obama has done nothing for confidence in the markets. I'm not sure he even cares. When asked by a reporter whether it was the president's job to do so, White House spokesman Robert Gibbs stammered, “Oh, absolutely. I don't think that -- I mean, I think the president would agree with that wholeheartedly. But again, I think Well, again, I think the -- I think -- obviously I'm not on Wall Street, but I think it is not…”



But I didn't count on the extent to which he'd use the present economic mess as an excuse to push his agenda of more government regulation, greater involvement of government in the economy, and higher taxes. Why am I surprised? White House chief of staff Rahm Emanuel laid out the strategy a week after the election when he said, “Rule one: Never allow a crisis to go to waste.” This is really no different than what power-seeking politicians have done since time immemorial. Please forgive what may seem like an outrageous comparison, but this is exactly how Adolph Hitler came to power in 1933 -- by exploiting public panic in the aftermath to the Reichstag fire.



And I also didn't count on how downright incompetent Timothy Geithner would be as Treasury secretary. We still don’t have a coherent plan for stabilizing the U.S. banking system. Okay, you can say that he's only been in office for about a month at this point. But that doesn’t let him off the hook. In his prior role as president of the New York Federal Reserve Bank, he was right in the thick of things with Fed chair Ben Bernanke and former Treasury secretary Henry Paulson in the interventions in Bear Stearns, Fannie Mae, Freddie Mac, Lehman, Washington Mutual, and others. He ought to have had a pretty good idea what he wanted to do before he even sat down at his new desk.



My guess is he did have an idea. But once he got the job of Treasury secretary, he quickly found out that his idea didn't count for much. He'd have to listen to President Obama, chief economic advisor Lawrence Summers, Obama political operatives like David Axelrod, and last but certainly not least, congressional leaders like Nancy Pelosi, Harry Reid, Barney Frank and Christopher Dodd. No wonder Geithner can't come up with a plan -- that’ll never happen if he has to get that crowd to all agree on it.



The reason stocks can't stabilize here is that the new administration is promoting an agenda of inherent instability. We can argue about whether its aspirations are right or wrong separately -- but, as promised, they all involve a great deal of change, to use Obama's own favorite word.What will our world look like when President Obama “reforms” health care by nationalizing it given that it represents about one sixth of U.S. economic activity (and the part that's still working)?



What will happen to the cost and availability of electricity when he puts in place a “cap-and-trade” tax on carbon emissions? What will happen to Wall Street when taxes are raised on hedge fund and private-equity managers? What will happen to all of us when all our taxes go up and our deductions go down?



I have a pretty decent idea that none of that will lead to anything good at least not economically. You may disagree. But can't we at least agree that President Obama is stirring the pot by ramming all these things through now, at a time when he ought to be calming things down so we can all catch our breath and the economy can get back on its feet?



I've been writing this column for almost eight years now. If you've been reading it all that time, you know that if there's an optimistic way to look at the world, I'll find it. But I have to say, I'm getting pretty
discouraged.



My only comfort is that with stocks down so much, they're really cheap. Obama said this week, “...profit and earning ratios are starting to get to the point where buying stocks is a potentially good deal if you've got a long-term perspective on it.” I've said similar things myself all the way down. I have to say, I'm beginning to worry that stocks are cheap for a reason. That reason may be President Obama.

It's already the Obama Recession. Is The Obama Depression around the corner?