President Obama News Thread

[Panda]

Its all going to plan so far. The printing presses are churning out the paper money to keep the wheels turning and other countries are buying the stuff with real money. Cant see why any Yanks should be complaining. Its a pretty good deal to be able to buy yourself out of debt at no cost to yourself.

Dems, Republicans, doesn't matter. Basically the same plan would have been on the table since there is no other option. Obama has just thrown in a few other social services into the mix. Someone else is going to end up paying for it all in the end when the rest of the world realizes the USA is awash with paper money and short on productivity.

[Jet Gorgon]

^ Other countries have real money? 555

[sabang]

The government announced some time back the Stim would not effect employment figures until the second half. So far, jobs have been saved rather than created- GM, AIG & so on. Only a fraction of the Stim monies dedicated to job creation (Keynesian stimulus, if you like) have been spent. And I sincerely hope you know what 'Lag' is- there is always a lag in employment at the end of a recession. And we are not at the end of the recession yet- it may well get worse. It is even possible that more stimulus money may be required- it certainly is not possible to rule that out, anyway!

The fact that you will be unrelentingly negative is a given Jet, seeing as your beloved Republican right was trounced at the elections and has been falling apart ever since. To say the least, it colours your judgement and reduces your credibility. At least I can not accuse you of being unpatriotic, as you are Canadian.

But the fact is, it is too early to pronounce the Stim a success, failure, or somewhere between. The fact is, the next Pres elections are over three years away. The fact is, we'll all have to wait and see. It's kind of a pity though that you seem terrified, and personally threatened by Obamas success.

[Jet Gorgon]

Nice try, SB, but not what you stated before about the stim going for bank and auto bailouts. So, you did a libbie and start talking about other stuff. Uh, huh. And yes, I know unemployment lags the economy, but gee, all of the data are pretty darned mucked up, huh? It's been six months since the Stim bill was bulled through Congress. How long you think folks are gonna wait? Same as the second coming, I reckon.

Originally Posted by sabang

Untrue Jet, the stimulus has basically saved the US banking system. Maybe GM & Chrysler too (we'll see ). Oh, and there is the small matter of AIG.

I didn't want to break it to the masses early on, but this was always the first priority. Sorry people. The moneys for employment stimulus are only just beginning to flow.

[sabang]

Originally Posted by Jet Gorgon

about the stim going for bank and auto bailouts.

I stated that is where the money has gone so far Jet:-

Originally Posted by Jet Gorgon

The moneys for employment stimulus are only just beginning to flow.

Incidentally, I do not want to see too much money allocated to direct employment stimulus. The stim package should not try to be 'all things to all people'- because it has to be paid for!

[Jet Gorgon]

^ Matter of semantics then. The banks had a bailout, the auto ind had a bailout. The $782 bil stimulus pkg was to stimulate the general economy (like saving Pelosi's marsh mice, etc) and create jobs, separate from the two bailouts above, or am I wrong?

[Boon Mee]

Well, back on topic which is BO's News, eh? Does all this idiot do at G8 Summits is check out chick's asses? Even Sarko thinks BO is an adolescent buffon...





Perhaps he loves fat asses so much since his old lady has one that can set a whole dinner setting on hers eh?

[sabang]

^ Is that Sara Palin?


Honduran minister sacked for Obama slur

Honduras's de facto foreign minister has resigned after calling US President Barack Obama a "little black man," interim president Roberto Micheletti says.

Enrique Ortez Colindres presented his resignation after referring to Obama as "negrito," which in Spanish is the masculine diminutive word for black.

Micheletti, who took power earlier this month in a military-backed coup, distanced himself from the comments.

"It was an incident in which he gave a scandalous epithet," Micheletti told reporters on Friday.

Honduran minister sacked for Obama slur

It's a good thing our angry Right wingers aren't Politicians.

[Milkman]

To add to the discussion between Sabang and Jet about the stimulus, I am curious if it will keep unemployment steady in the second half, if at all.

How can this even be measured.

Personally (as an economic) layman I don't understand how the stimulus funds can be allocated properly, to keep unemployment down. Yes, some jobs have been saved.

But as for "creation" of jobs, I see short term construction jobs, and perhaps a few more sales.

My hometown used stimulus money to buy a Toyota mini van used by the government.

Did one minivan keep Toyota workers (I assume in the US?) from getting laid-off?

[Panda]

Originally Posted by Jet Gorgon

^ Other countries have real money? 555

I am talking about money backed by productivity and/or natural resources rather than just spiraling debt. Currently, the worth of other countries paper money is measured against the value of the $US, which is kinda silly since the US is basically bankrupt with no hope of paying for its ever increasing debt unless their currency devalues drastically.

[Butterfly]

that was GW Bush, dummy, not Obama

Obama is Gold, why do you hate your president and America, Storekeeper ?

[Storekeeper]

You got it wrong butterfluffy me ole mucker ... I voted for Obama ... I support everything he does: Iraq, GITMO, Healthcare reform, bailouts, and especially protectionist measures.

[the dogcatcher]

I like the butt checking pics. Should get on well with Belasconi. That first chick was hot. Cheque bin Krup.

[sabang]

Originally Posted by Milkman

Personally (as an economic) layman I don't understand how the stimulus funds can be allocated properly, to keep unemployment down. Yes, some jobs have been saved. But as for "creation" of jobs, I see short term construction jobs, and perhaps a few more sales.

The person in charge of allocating them is ultimately Joe Biden. According to a Time magazine article I skimmed, apparently he is quite paranoid about approving something that might be slated as 'pork barrel' spending. Basically, ask for new roads or improved roads & bridges and the money is fast tracked. Ask for a golf course, skateboard park or similar, much more difficult. Anyhow, this sort of project spending does provide a short term employment boost, and some flow ons, but you have to ask how much can be achieved with the $800bn odd earmarked. It may be a short term salve, but it is not the long term solution. That will come as and when private employment picks up, for which there is inevitably a lag.

Obama is most definitely a Politician, and selling the Bailouts & Stim to an increasingly sceptical nation, but he does sound pretty realistic here, I think:-

Obama says stimulus plan to kick in later this year

WASHINGTON (Reuters) - President Barack Obama said on Saturday more time was needed for his $787 billion (485 billion pound) stimulus package to work, predicting the spending would have a bigger impact on the economy later this year.

In an advanced text of his weekly radio speech, Obama said the stimulus plan approved by Congress and signed into law in mid-February "was not designed to work in four months - it was designed to work over two years."

Obama's comments follow government data showing the unemployment rate soared to 9.5 percent in June, the highest level since 1983 and above the 8 percent peak predicted by the White House when it worked with Congress to pass the package. Republicans say the stimulus plan is not working.

Obama now warns unemployment will likely top 10 percent in the coming months.

"We must let (the stimulus plan) work the way it's supposed to, with the understanding that in any recession, unemployment tends to recover more slowly than other measures of economic activity," Obama said.

He said the benefits of the plan would "accelerate greatly throughout the summer and the fall."

The ongoing recession and further steep job losses are wearing away the patience of Americans and raising doubts about Obama's handling of the economy.

The share of Americans who believe the stimulus package will restore the economy slipped to 52 percent in late June, down from 59 percent two months earlier, according to a Washington Post-ABC News poll.

Obama says stimulus plan to kick in later this year | U.S. | Reuters

[Boon Mee]

Originally Posted by Storekeeper

You got it wrong butterfluffy me ole mucker ... I voted for Obama ... I support everything he does: Iraq, GITMO, Healthcare reform, bailouts, and especially protectionist measures.

I've just crossed you off my Christmas Card List...

[Jet Gorgon]

^ Don't be too hard on him, Boonie. He'll be joining the tea parties when he wakes up.

[Jet Gorgon]

Pretty shabby that the Obamas visit the "Door of no Return" site in Ghana wearing holiday togs. Fek. You'd think they'd have respect for something. I also noticed nobody mentioned that warring African tribes brought their enemies there to be sold off into slavery.

[Boon Mee]

Heh...CBS: Obama dropped six points in a month. Why? “Growing skepticism about his handling of the economy and questions about the impact of the stimulus package.”

[Milkman]

Russians refuse to shake Obama's hand. Bigots? Or, because of policy?

YouTube - Obama Handshake Snub in Russia

[Jet Gorgon]

^ Never saw that clip. Wouldn't be bad if they didn't shake hands with Med but that is nasty. I almost feel for the guy.