Obama's First Speech to Congress

[August1991]

This was the money quote:

But while our economy may be weakened and our confidence shaken, though we are living throughdifficult and uncertain times, tonight I want every American to know this:

We will rebuild, we will recover, and the United States of America will emerge stronger than before.

Time

I fear that this guy can only campaign. He can give rousing speeches. He is charismatic. He can choose venues.

Obama has had almost four months to decide what to do. Of those four months, for almost three, Obama had no ceremonial obligations. He had free time to think and plan.

Now, all he can do is give this campaign speech?

I suspect that Obama and Bernanke are now into "buttress confidence" mode. (As Bill Clinton advised, he should talk positively. Jean Chretien believed in construction cranes. He thought that if people saw cranes, they'd believe business was booming and people were in a good mood. Neither Clinton nor Chretien faced a severe recession.)

"Nationalisation to my mind is when the government seizes the bank, zeros out the shareholders and begins to manage and run the bank, and we don't plan anything like that," Bernanke said during his semi-annual testimony to Congress.

"It may be the case that the government will have a substantial minority share in Citi or other banks, but again we have the tools ... make sure that we get the good results we want .. without all the negative impact of going through a bankruptcy process of some kind of or seizure."

Reuters

"Citi or other banks"?

====

I am surprised by the divide between the US MSM's perception of Obama and my own perception of his actions, or the perception of US posters to the Internet.

Furthermore, the collapse of this bubble has gotten worse, and by all indications, it will get much worse.

We are beyond image, perception, signals or campaigning. Potemkin cranes on the skyline won't change anyone's real behaviour. Obama and Bernanke have to deal in the real world.

Edited February 26, 2009 by August1991

[Oleg Bach]

As with all corporations the VP is actually in control - some one should ask Biden what's up?

[WIP]

Now, all he can do is give this campaign speech?

Well, at least he gave a better impression than Bobby Jindal! Even Republican pundits are heaping scorn on him for his sorry-assed excuse for a rebuttal!

One month on the job and you, Limbaugh and FoxNews are calling Obama a failure if he doesn't fix every disaster created by deregulation and doubling the U.S. national debt through a combined strategy of tax cuts (mainly for the already wealthy, priviledged class) and increased government spending....especially on foreign wars!

The conservative strategy has left the United States in a position that England was in after WWII -- facing the real prospect that U.S. economic and military dominance has come to an end. It's time for conservatives to retool their ideology, not their message!

I am surprised by the divide between the US MSM's perception of Obama and my own perception of his actions, or the perception of US posters to the Internet.

Furthermore, the collapse of this bubble has gotten worse, and by all indications, it will get much worse.

All thanks to the Republican strategy that inflated the bubble, rather than deal with budget deficits and trade deficits. The good times of the Bush Years were all payed for on borrowed money.

[Shady]

Obama's turning out to be a complete disaster, and his speech on tuesday was LBJ's "Great Society" all over again. Free healthcare for everybody, free education, including college and university, curing cancer, etc, etc, etc. While at the same time claiming to balance the budget.

Obama's "Utopian Society" will work about as well as it did for Lyndon Johnson, but cost 10 times more.

[jdobbin]

I am surprised by the divide between the US MSM's perception of Obama and my own perception of his actions, or the perception of US posters to the Internet.

Why are you surprised? Between government and no government, you seem to choose no government. Like many on the far right, the belief is that even deeper tax cuts will do the trick along with even deeper spending cuts. Let the economy have its die off is the mantra.

Furthermore, the collapse of this bubble has gotten worse, and by all indications, it will get much worse.

Even McCain was saying that was going to be the case for 2009.

We are beyond image, perception, signals or campaigning. Potemkin cranes on the skyline won't change anyone's real behaviour. Obama and Bernanke have to deal in the real world.

What exactly is your remedy for the situation? Is is what McCain was advocating? Does your plan mitigate the misery and possible chaos of no plan?

Even critics of the stimulus plan have criticized the radical far right for their tin ear to suffering and the dire challenges ahead.

Edited February 26, 2009 by jdobbin

[jdobbin]

Obama's turning out to be a complete disaster, and his speech on tuesday was LBJ's "Great Society" all over again.

Thank goodness you had Jindal to articulate your Republican opposition.

[Shady]

Obama has had almost four months to decide what to do. Of those four months, for almost three, Obama had no ceremonial obligations. He had free time to think and plan.

Exactly. Lyndon Baines Obama has been in campaign mode since his inauguration. And he and Geithner have inspired zero confidence in the economy and the marekt. So much so, that it's down more than 2000 points. And now, his big plan to propel America into a new era of economic prosperity, is raising taxes, during a recession, and massive, never-before-seen government spending.

[jdobbin]

And now, his big plan to propel America into a new era of economic prosperity, is raising taxes, during a recession, and massive, never-before-seen government spending.

Bush's plan last year was a massive tax cut that led even larger deficits and a near collapse of the whole market with bank failures and incredible misery.

The Republican plan is to end all taxation, make no decrease in spending (since they haven't shown any inclination before) and hope that this continued plan does better than the one year before.

[Shady]

Bush's plan last year was a massive tax cut that led even larger deficits and a near collapse of the whole market with bank failures and incredible misery.

The Republican plan is to end all taxation, make no decrease in spending (since they haven't shown any inclination before) and hope that this continued plan does better than the one year before.

Try to stay on topic. I was merely making some observations regarding Lyndon Baines Obama's speech to Congress. That being said, tax cuts never forced people to buy homes they couldn't afford, and tax cuts never forced banks to make loans to people who wouldn't otherwise qualify under the guise of "affordable housing", and tax cuts certainly never led a certain political party to claim others were exaggerating the mortgage problems back in 2003, when reforms were sought of Freddie and Fannie.

[Shady]

One more thing that stood out for me in LBO's speech from tuesday. When he claimed that "wealth has been transfered to the wealthy." Since when did people keeping more of their own money equal a transfer of wealth? A transfer of wealth from whom?

[jdobbin]

Try to stay on topic.

Staying on target: The Bush planned failed totally to stimulate the economy last year.

I was merely making some observations regarding Lyndon Baines Obama's speech to Congress.

And I making observations on Jindal's speech. Is this the best you can do?

That being said, tax cuts never forced people to buy homes they couldn't afford, and tax cuts never forced banks to make loans to people who wouldn't otherwise qualify under the guise of "affordable housing", and tax cuts certainly never led a certain political party to claim others were exaggerating the mortgage problems back in 2003, when reforms were sought of Freddie and Fannie.

The Republican's had the votes in 2005 to make changes as has been pointed out many times to you. They must have thought it was not that important since they didn't go forward with the legislation.

[August1991]

Thank goodness you had Jindal to articulate your Republican opposition.

Once you strip away all the folksy, populist veneer from his speech, Jindal at least had the valid point that the United States is a country of some 300 million people and they, not Washington, will ultimately decide what happens.

Obama is far too top-down for my instincts.

[jdobbin]

Once you strip away all the folksy, populist veneer from his speech, Jindal at least had the valid point that the United States is a country of some 300 million people and they, not Washington, will ultimately decide what happens.

Is that what you got from the speech? Even conservative columnists were calling it "insane".

Obama is far too top-down for my instincts.

And most on the right seem to have a tin ear about the economy with their anti-government ideas.

[scorpio]

Once you strip away all the folksy, populist veneer from his speech, Jindal at least had the valid point that the United States is a country of some 300 million people and they, not Washington, will ultimately decide what happens.

Another republican lecturing on fiscal responsiblity...yeah, that's the ticket.

[August1991]

Another republican lecturing on fiscal responsiblity...yeah, that's the ticket.

Dunno. Maybe my assessment of Obama was too hasty.

Not only can he give rousing speeches, Obama also seems pretty good at wielding a credit card:

President Obama’s new budget blueprint estimates a stunning deficit of $1.75 trillion for the current fiscal year, which began five months ago, then lays out a wrenching change of course as he seeks to finance his own priorities while stanching the flow of red ink.

By redirecting enormous streams of deficit spending toward programs like health care, education and energy, and paying for some of it through taxes on the rich, pollution surcharges, and cuts in such inviolable programs as farm subsidies, the $3.55 trillion spending plan Mr. Obama is undertaking signals a radical change of course that Congress has yet to endorse.

NYT

In some other thread, I think I compared Obama with Bob Rae as premier of Ontario in the early 1990s.

Obama gives new meaning to the phrase tax-and-spend.

Edited February 26, 2009 by August1991

[Shady]

And I making observations on Jindal's speech. Is this the best you can do?

This has nothing to do with Jindal, or Palin, or anyone else. We're talking about Lyndon Baines Obama's speech to Congress, and his massive tax and spend policies. Bobby Jindal can't raise your taxes. Bobby Jindal can't spend you into oblivion.

The Republican's had the votes in 2005 to make changes as has been pointed out many times to you. They must have thought it was not that important since they didn't go forward with the legislation.

If you're talking about a filibuster proof majority, you're wrong, or you're lying. Take your pick.

Dunno. Maybe my assessment of Obama was too hasty.

Nope, your assessment of Obama is anything but hasty. He wants to raise taxes by $300+ billion dollars in the middle of a deep recession, and he's just tabled an almost $4 trillion dollar budget, after already spending $2 trillion dollars in the past month. His ridiculous spending has pretty much numbed the public to the words billion and trillion. While at the same time, having the nerve to host a "fiscal responsibility" summit at the White House this week.

[August1991]

We're talking about Lyndon Baines Obama's speech to Congress, and his massive tax and spend policies.

Tax and spend? I think Obama is officially now a "borrow-and-spend liberal".

[Shady]

Tax and spend? I think Obama is officially now a "borrow-and-spend liberal".

You're right. Except soon, it'll be borrow-and-print-and-spend, to eventually just print-and-spend.

[jdobbin]

This has nothing to do with Jindal, or Palin, or anyone else. We're talking about Lyndon Baines Obama's speech to Congress, and his massive tax and spend policies. Bobby Jindal can't raise your taxes. Bobby Jindal can't spend you into oblivion.

Jinal can certainly accept billions into oblivion and has.

This has everything to do with big spending Republicans. Took a surplus and turned it into a deficit and then had the economy shatter all around them and then blame Carter. No wonder people think they are old and out of touch.

If you're talking about a filibuster proof majority, you're wrong, or you're lying. Take your pick.

I'm talking 60 votes in the Senate. Shown it to you and shown you where the Republicans took back the legislation even before presenting it on the floor. That no lie but what slavish Republican lies make out that they were defeated on the measure when they didn't even put it to a vote. So you're wrong and you're lying.

His ridiculous spending has pretty much numbed the public to the words billion and trillion. While at the same time, having the nerve to host a "fiscal responsibility" summit at the White House this week.

Bush's Republican spending put the country into a tremendous deficit. What a legacy. And it was only going to continue with McCain in power.

Now at least someone is talking about cutting the deficit. It wasn't a major concern for Republicans. It was spend, spend, spend for 8 years.

Edited February 26, 2009 by jdobbin

[Shady]

Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011

President Obama's budget proposes $989 billion in new taxes over the course of the next 10 years, starting fiscal year 2011, most of which are tax increases on individuals.

1) On people making more than $250,000.

$338 billion - Bush tax cuts expire

$179 billlion - eliminate itemized deduction

$118 billion - capital gains tax hike

Total: $636 billion/10 years

2) Businesses:

$17 billion - Reinstate Superfund taxes

$24 billion - tax carried-interest as income

$5 billion - codify "economic substance doctrine"

$61 billion - repeal LIFO

$210 billion - international enforcement, reform deferral, other tax reform

$4 billion - information reporting for rental payments

$5.3 billion - excise tax on Gulf of Mexico oil and gas

$3.4 billion - repeal expensing of tangible drilling costs

$62 million - repeal deduction for tertiary injectants

$49 million - repeal passive loss exception for working interests in oil and natural gas properties

$13 billion - repeal manufacturing tax deduction for oil and natural gas companies

$1 billion - increase to 7 years geological and geophysical amortization period for independent producers

$882 million - eliminate advanced earned income tax credit

LInk

Yikes!

Also, the new $3.5 trillion dollar budget, which contains a near $2 trillion dollar deficit, has as it's title, "A New Era Of Responsibility." I kid you not. I couldn't make this stuff up and still be believed. Here's the pdf from the White House website.

A New Era Of Responsibility

[WIP]

One more thing that stood out for me in LBO's speech from tuesday. When he claimed that "wealth has been transfered to the wealthy." Since when did people keeping more of their own money equal a transfer of wealth? A transfer of wealth from whom?

I'll give you one! Why the hell should hedge fund investments qualify for private equity tax breaks? They've been used for leveraged buyouts in stocks and commodities, and some of these new financial products that we never heard of until the market bubble went bust. Not only were these tax breaks wasted, they added no economic value and just lined the pockets of super-rich investors.

If Barack Obama is making any mistakes, it is being too cautious and middle of the road, instead of making the moves that will need to be done -- such as nationalizing the banks. Most of the largest 20 U.S. banks are insolvent by any independent analysis, why keep the slow bleed of TARP money going to the CEO's who rolled the dice and lost? You're hoping that Barack Obama will resemble LBJ, since your worse nightmare is that he stops worrying about bringing Republicans on board and makes the steps necessary to rebuild an economy that benefits everyone, not just the wealthiest 1%.

[punked]

Even if you don't like the fact is at this time the American government is the only thing big enough to do anything about this situation. Anyone to suggest they just sit on their hands is pretty much crazy.

[bush_cheney2004]

Even if you don't like the fact is at this time the American government is the only thing big enough to do anything about this situation. Anyone to suggest they just sit on their hands is pretty much crazy.

Nah.....President Reagan told us years ago....big government is part of the problem...not the solution.

[BubberMiley]

Nah.....President Reagan told us years ago....big government is part of the problem...not the solution.

And then he made the government bigger than ever.

[punked]

Nah.....President Reagan told us years ago....big government is part of the problem...not the solution.

Funny I always found actions speak loader then words. Although playing lip serves to people you don't actualy believe is kinda a Republican mantra isn't it?