President Obama sure is doing a bang-up job when it comes to the economy. He’s banging up American businesses and the workers they employ. Look at this awful chart, via Rep. Dave Huelskamp:
The Democrat-controlled Senate tables every bill brought to them by the House. How anyone can blame this mess – a mess that began after Democrats took control of both houses of Congress while Bush was president, and the official unemployment rate was in the 5% range – and get away with it is beyond comprehension.
Well, nobody ever accused liberals of being smart. They’re intellectual, which means they have the ability to spin anything – with the help of the media, of course – into their favor. Don’t buy what they’re selling, they never offer a refund. Quite the opposite is true, we always pick up their tabs.
Oh, and don’t believe the official unemployment numbers. Do the math, where did all of the workers go?
The Chamber of Commerce has a related chart showing that the economy needs to create 755,000 jobs per month to get us back to pre-recession levels. Don’t hold your breath waiting for that to happen, especially considering that the economy continues to shed more than 300,000 jobs per week while only adding 220,000 thousand jobs per month.
With a record like this, I’m surprised more people haven’t gone Galt.
And it’s only gotten worse. I guess hope springs eternal. At least for those in the business of peddling hope and hype. The rest of us just slog along while we pray for change.
Update: Please don’t take this post as an endorsement of the Chamber of Commerce. They are right on some issues, but I disagree when they lobby for stimulus spending.
Update 2: Linked by the First Street Journal – thanks!
Update: Linked by The Pirate’s Cove – thanks!
Update: Linked by American Power – thanks!




Dear leader calls this a success. 1984 has arrived.
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Lonely Conservative: a mess that began after Democrats took control of both houses of Congress while Bush was president
As bills have to be signed by the President, and the Democrats only controlled Congress for a year or so before the financial meltdown, trying to blame Democrats particularly makes no sense whatsoever. There’s plenty of blame to go around, but the Bush Administration has to take primary responsibility as executive, and certainly many of their initiatives aggravated the underlying conditions that led to the economic debacle.
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No, Zach, it began even earlier, primarily with progressive programs like the CRA. W’s administration warned congress around fourteen times that Fred and Fan were in big, big trouble and progressives like Barney Frank and Maxine Waters defended and promoted the same destructive government mandated policies and controls that ran us to ruin, in particular, loaning monies for housing to people that had no capacity to repay. And now they’re doing the same thing again!
http://lonelyconservative.com/2012/03/obama-plan-to-guarantee-refinanced-mortgages-doesnt-include-credit-checks/
Progressive social engineering using taxpayer dollars is what got us into this and it will not ever get us out. I will agree completely with you that W’s addition of Medicare Part D (free prescriptions) is another bad progressive idea. W was a progressive Republican, not a conservative.
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michigan: W’s administration warned congress around fourteen times
Perhaps you are not an American, but under the U.S. system, minority members of the house, such as Frank and Waters, have very limited power.
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Pay attention to the statement at 1:19 in the report “ranking member, now Chairperson, Representative Barney Frank”.
Stop wasting our time here on this blog. Go over to HuffPo or MM and suck your thumb. You have nothing to offer and are unprepared and unpersuasive.
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Here’s the link that didn’t copy earlier.
http://www.youtube.com/watch?v=LPSDnGMzIdo
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michigan: Pay attention to the statement at 1:19 in the report “ranking member, now Chairperson, Representative Barney Frank”.
Ranking *minority* member. In the House, that and a sawbuck will get you a cappuccino.
In any case, the GSE’s were not the epicenter of the problem. They were the ‘greater fools’ playing catch up as they lost market share to private-issue MBS. The risky securities were invented and marketed by Wall Street.
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I guess this is the way a person that’s categorically wrong conceding the point. Can you say you were wrong, Zach? Is that in your skill set or character? I doubt it.
“The risky securities were invented and marketed by Wall Street.” I wish I could play the Mark Levin “get off the phone, dummy” track. I wonder why the banks had to market such trash and spread it out as derivatives. Maybe it’s because they were mandated by progressive policies such as the CRA to loan monies to people that couldn’t repay? No, it couldn’t be that.
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michigan: I guess this is the way a person that’s categorically wrong conceding the point.
No. You were blaming laws outlawing racial discrimination in lending from the 1970s. We pointed out that the risky securities were invented by Wall Street at a much later date and primarily marketed by Wall Street, and the primary source of the problem was private-issue securities.
michigan: Maybe it’s because they were mandated by progressive policies such as the CRA to loan monies to people that couldn’t repay?
Nope. Demand side, like most bubbles.
“The evidence strongly suggests that without the excess demand from securitizers, subprime mortgage originations (undeniably the original source of the crisis) would have been far smaller and defaults accordingly far lower.” – Alan Greenspan
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You’re absolutely wrong on this entire issue. To you, up is down and wrong is right. You just aren’t persuasive with broken and twisted logic. But that’s why you’re a progressive. The pathology is interesting though. And who is “we”?
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Zach,
Do you really understand the Constitution? If you did you would know the minority party in the Senate has the power to fillibuster and It was then Senator Obama who threatened to start a fillibuster if it was brought up for a vote. Add a bunch of spineless Republicans and any legislation would have been dead in the water.
Meanwhile over in the House Frank was giving a glowing review of Mae and Mac which he later admitted was wrong after the bubble burst. Add Maxine Waters and the rest of the Dems who saying how the “Eeeeeeeevil” Republicans were trying to screw the poor and minorities and spineless GOP folded like a cheap lawn chair.
And don’t forget Janet Reno threatening to throw the bankers in jail if they didn’t lend money to buy homes. So the bankers did what any business would do to lower their risks and sold the loans as securities. Add in Goldman-Sachs and the rest of the corrupt securities clown and you have a makings for a disaster. Oh and guess which party received more money from Wall Street, I’ll give you a clue it wasn’t the GOP.
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My bad. It’s not the Constitution but Senate rules that allow the fillibuster. Both Dems and GOP have threatened the “nuclear option” but both parties understand that at sometime they will be the minority party.
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Banzaibob: Do you really understand the Constitution? If you did you would know the minority party in the Senate has the power to fillibuster and It was then Senator Obama who threatened to start a fillibuster if it was brought up for a vote.
As you yourself point out, it’s not the Constitution, but Senate rules. But your larger point remains. The problem with your point is that Frank and Waters were in the House, not the Senate.
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michigan: it began even earlier, primarily with progressive programs like the CRA.
A market bubble that started in the early 2000′s was not caused by a law passed in the 1970′s.
michigan: W’s administration warned congress around fourteen times that Fred and Fan were in big, big trouble and progressives like Barney Frank and Maxine Waters defended and promoted the same destructive government mandated policies and controls that ran us to ruin, in particular, loaning monies for housing to people that had no capacity to repay.
Reforms were bottled up by Republicans. Republicans controlled Congress during most of Bush’s term (not to mention most of Clinton’s term). Remember.
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You’re too young, ignorant or re-writing history, Zach.
“A market bubble that started in the early 2000′s was not caused by a law passed in the 1970′s.”
Um, yes, Zach it does take that long for that program to damage an entire economy, it certainly doesn’t happen overnight. The housing bubble did not start in the early 2000’s like you claim, it began in 2006 with prices peaking, just asks any builder, and I personally was. Most mortgages were not held by Fred and Fan until recent. This Kryptonite to Capitalism was slowly and methodically infused over decades by Progressive Democrats. That’s why the insistent warnings from W’s administration were ignored and defended by Progressive Democrat Chairpersons in charge at the time.
And no, Congress during the Clinton and Bush administration was not mostly controlled by Republicans, only the House during W’s.
http://www.senate.gov/pagelayout/history/one_item_and_teasers/partydiv.htm
http://artandhistory.house.gov/house_history/partyDiv.aspx
Take the time and read some history on Progressivism in the U.S. Republican President Teddy Roosevelt being the first to hold high office. Most people don’t know that it’s not what they think it is.
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michigan: The housing bubble did not start in the early 2000’s like you claim, it began in 2006 with prices peaking, just asks any builder, and I personally was.
By definition, a bubble doesn’t start at its peak. In any case, best to start with a few facts. Notice the buildup during the early 2000′s, reaching its peak in 2006, then returning to its previous levels. This meltdown severely disrupted the markets, and brought about a massive transfer of wealth.
http://www.calculatedriskblog.com/2011/12/real-house-prices-and-house-price-to.html
As is clear from the history of housing prices, there was substantial warning during the Bush Administration, even while the Republicans controlled both chambers of the Congress.
michigan: And no, Congress during the Clinton and Bush administration was not mostly controlled by Republicans, only the House during W’s.
Republicans controlled both chambers during the 108th and 109th Congresses (2003-2006), during the Bush Administration. Republicans controlled both chambers during the 104th, 105th and 106th Congresses (1995-2000), during the Clinton Administration.
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Bill Clinton admitted to fault and took responsibility before they sent him off to the hinterlands to learn the official story.
There would be no crisis, no failing mortgages, without the Progressive idea that banks should be forced to lend money to people who did not qualify and couldn’t pay the money back. Trace it back, Zach.
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Zachriel,
Just google barney frank and fannie mae (the link was too long) and you’ll find the “Top 10 Barney Frank Offences” that he was responcible for while in congress.
1. Fannie and Freddie: As ranking member of the House Financial Services Committee, Frank blocked tightened oversight over Fannie Mae and Freddie Mac, saying in 2003, “These two entities … are not facing any kind of financial crisis,” and, “I want to roll the dice a little bit more in this situation towards subsidized housing.” More than any other factor, the 2008 financial meltdown was caused by pushing these government-sponsored enterprises to encourage housing loans to risky borrowers.
6. Lover at Fannie Mae: Frank’s longtime lover Herb Moses worked as a top official responsible for relaxing mortgage standards at Fannie Mae, an enterprise that was subject to oversight authority by the House Financial Services Committee upon which Frank served. Conflict of interest, anyone?
Remember?
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If you really are literate you can read an economist report on the mortgage default, as a result of Bill Clinton’s making!
http://lonelyconservative.com/2012/02/slick-willy-revisited/
Clinton was a hack, and should be in jail!
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But you are wrong. Investigate more, it’s there for you to find.
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Will the media continue to support Obama after they have lost their jobs as well? Its easy to look down on the factory worker.
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[...] The Lonely Conservative had a different chart, but it tells the same story: the economic results of President Obama’s stimulus plan were the exact opposite of what we were told they would be, and that, using his own projections, we’d have better off if we had done nothing at all. Gee, I wonder if anybody had ever suggested that before. [...]
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[...] The Lonely Conservative has today’s Obama #Fail Chart of the day [...]
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