Comments on: It’s a disaster

By: Mia

Mia — Tue, 10 Feb 2009 06:11:27 +0000

“Yet in contrast to the previous administration’s fearful “smoking gun/mushroom cloud” pronouncements,”

Yeah, like in 2001 and 2003 when President Bush warned that Fannie and Freddie needed regulation? Like when McCain drafted a bill with a proposal to appoint a federal agency to keep an eye on Fannie and Freddie, only to be shot down by Frank and others? Like when Bawney Fwank came out last year (no pun intended) and said that Fannie and Fweddie wewe fit as a fiddew?

By: Mia

Mia — Tue, 10 Feb 2009 06:06:12 +0000

I would imagine a lot of the poor souls who voted for Obama think he’s going to pay their mortgages for them and supply them with their every need by taking down the rich people, snatching their money away and, like Robin Hood, showering it on the poor and “deserving” like themselves. I had a young hairdresser tell me that she was voting for Obama because he and Biden aren’t rich and McCain is. She didn’t know their stance on any issue, but only that he promised to make the world a better place. She said this admidst smatterings of the obligatory “Bush is an idiot” and “senseless war” rhetoric.

At any rate, nothing will stop the passage of this obscene “stimulus” package. They won’t even listen to the CBO when they say this package will make things worse in the long run. I suppose as long as it seems to work until re-election time is over, nobody cares.

By: Hong

Hong — Tue, 03 Feb 2009 14:46:08 +0000

Obama’s feeding the panic. There’s no ‘the only thing we have to fear is fear itself’ moment in his speech. I certainly don’t detect it. If anyone else can they can freely say so.

Sergey,

Do you consider it better to apply a tax rebate or the French model that’s been reported on Drudge? A model that appears largely a rehash of the New Deal.

http://www.iht.com/articles/2009/02/02/business/frecon.php

By: sergey

sergey — Tue, 03 Feb 2009 09:47:44 +0000

Reaction of a complex self-regulating system, such as market economy, on external intervention, takes time. In many aspects, it take years. For example, creating favorable investment climate translates into visible results only in the end of investment cycle; for energetics it comprise 8-9 years. Some reactions are imediate: tax cuts can influence revenue in the end of fiscal year, and improve purchasing power a month after introduction. Markets have a life of their own, with their own dynamics; do not expect fast fixes. And in some regimes complex systems can go out of control and react to intervention in absolutely unpredictable fashion. We (all the world) can be now in just such position.

By: Hong

Hong — Tue, 03 Feb 2009 02:34:30 +0000

“Does that sound like a familiar critique we’ve been hearing for the past 7 or 8 years against anyone you know?”

It does Unknown Coward. It’s the talk about Bush but in that case it was rubbish. Thanks for reminding us of the childish liberal hysteria about our last president. I wonder if you really understand what Obama and the Democrats plan for this economy or if your too drunk on the kool aid to assume it’s all for the best. Even as many other peoples and nations regret their slide (often forced) to Socialism.

“You can’t spin your way out of numbers like those, encouraging Americans to do their part by “going shopping.””

Now who’s spinning? The tired talking point about shopping ignores the deeper reality and depth of Bush’s comment. The refusal to allow Islamo facism to control our lives. It meant living your life unfettered by fear and hysteria and shopping was only a small, yet important element. Thanks for the opportunity to demolish that silly thread.

By: Lee

Lee — Tue, 03 Feb 2009 01:00:31 +0000

Hey, waddya know! It’s Unknown Baby! Whassup?

For a while now, guys and gals, I’ve been referring to UB as “Unknown Baby” because of all the childlike rants and crying he usually does around here.

“The recent rapid acceleration in job losses could portend the end of the recession, say those inclined to see the glass as half full. Job losses are almost always worst just a month or two before a recession ends, they say.”

From the article linked to by U Baby.

“Disaster”, huh?

By: E

Mon, 02 Feb 2009 23:08:35 +0000

Unless, of course, unknown’s goal is to have us think less about Obama’s unhelpful comments, and more about the supposed failures of past presidents. It’s not pertinent to the current discussion of the economy.

Neo’s point is that leaders’ words have the power to shape the public’s confidence and economic behavior, for good or ill. See what Harry Reid hath wrought: loose lips sank the ship of Hartford Financial Services by causing a one day 32% drop in the value of its stock. http://www.reuters.com/article/hotStocksNews/idUSTRE49180220081002
Moaning about how disastrous things are will have a malign impact on the public’s confidence. And however cool and hip and ironical you might happen to be, “going shopping” is important. The public’s resistence to do so because of financial uncertainties has already cost thousands of jobs in a number of retail sectors. Nobody really cares what Bush said about the war on terror – that’s an “et tu quoque” distraction typical of people who won’t judge the current argument on its own merits.

By: E

Mon, 02 Feb 2009 22:37:47 +0000

Unknown, I’m still not sure why irony is required. Especially when discussing the economy.

By: SteveH

SteveH — Mon, 02 Feb 2009 21:04:35 +0000

unknown blogger,
Let me correct your analogy. Had GWB suggested after 9/11 we all get on our knees and pray to allah i’d see your comparison. Theres a fundamental difference between using fear as a mobilizer and fear as a demoralizer.

By: unknown blogger

unknown blogger — Mon, 02 Feb 2009 20:39:31 +0000

E, the point of my comment was about the lack of a sense of irony in Neo’s post and subsequent comments.

Neo questioned Obama’s use of the word disaster to describe the effect of the current economic situation on America’s working families, then wrote:

“…I can only conclude that consistent negativity of his pronouncements is deliberate, meant to provoke a fearful response that gives him carte blanche to do whatever he thinks best.”

Does that sound like a familiar critique we’ve been hearing for the past 7 or 8 years against anyone you know?

Yet in contrast to the previous administration’s fearful “smoking gun/mushroom cloud” pronouncements, it is now undeniable, clearly evident and virtually unanimous (see Sergey) that we are going through a nearly unprecedented economic disaster right now, and the threat that it will get worse truly “imminent.”

It’s Obama’s willingness to call it out as such and deal with it head on that marks such a refreshing change from the previous administration, which was always slavishly on message and relentlessly attempting to put the most upbeat spin on everything as they “created reality.”

“The economy lost 1.5 million jobs in just the final three months of [2008] bringing the losses for the entire year to 2.6 million, the worst since 1945.”

You can’t spin your way out of numbers like those, encouraging Americans to do their part by “going shopping.”

So far it seems to me Obama is treating Americans like adults, fully aware that they can take dreadful news like grown ups.