Recession turned out to be deeper than any of us realized

Finally... and explanation for the crappy economy.

(02-15_2012)

President Obama

"So, the die had been cast, but a lot of us didn't understand at that point how bad it was going to get.[/i] That increases the deficit because less tax revenues come in, and it means that more people are getting unemployment insurance, we're helping states more so they don't teachers, etc. The key though is we're setting ourselves on a path where we can get our debt under control."

http://www.realclearpolitics.com/video/ ... eeper.html

Didn't understand? Really?

Sept. 2008
"We are going through the worst financial crisis since the Great Depression."

Oct. 2008
"We meet here at a time of great uncertainty. Our economy is in crisis."

Nov. 2008
"In Chicago we are facing an economic crisis of historic proportions."

Jan./Feb. 2009

Jan. 20 "Our economy is badly weakened"

Jan. 23 "We are experiencing an unprecedented, perhaps, economic crisis"

Jan. 24 "A bad situation could become dramatically worse"

Jan. 27 "The statistics every day underscore the urgency of the economic situation"

Jan. 30 "This is a continuing disaster for America's working families"

Jan. 31 "Rarely in history has our country faced economic problems as devastating as this crisis"

Feb. 3 "The economy is in desperate straits"

Feb. 4 "A failure to act, and act now, will turn crisis into a catastrophe"

He understood. According to his OWN WORDS he understood. "We are going through the worst financial crisis since the Great Depression." There was no "maybes", "I think", "it's possible" or "otherwise". So... did he understand or not or was he lying?

I think the whole country understood how bad it was, bailing out Wall Street and 100 year old auto manufacturers. (And how bad it continues to be under a President who doesn't understand economics. Will Obama ever claim responsibility for his bungled recovery?) Or maybe Obama wants to preach doom and gloom so that he will get more stimulus money? During the Cold War, the military and intelligence services were accused of making a paper tiger out of the USSR and China to justify the high level of military spending. Once the Cold War ended, only then did the real info come out.

Oh Please, EVERYONE was lying,in denial,hoping against hope,hedging a bet.....what every you want to call it, ALL OF THEM,Bernake
Sumners,Geithner,O, BUSH,ALL OF THE ECONOMIC gurus were underestimating this thing all the way back as early as 2005/6......
because the end of 07,spring of 08 is when the proverbial excrement hit the fan......I watched in real time and had EARLY warning
from a poster on Pinecam named Digit99........who named the beast coming at us and did so a year or so ahead of time.....I took heed
and so did some other "forward thinking" posters. (Soozee,being one of those forward thinking individuals.......this fubar was on O
watch AND BUSH's watch,so don't post this "he's to blame for everything" B.S........NOT JMO.

homeagain wrote: Oh Please, EVERYONE was lying,in denial,hoping against hope,hedging a bet.....what every you want to call it, ALL OF THEM,Bernake
Sumners,Geithner,O, BUSH,ALL OF THE ECONOMIC gurus were underestimating this thing all the way back as early as 2005/6......
because the end of 07,spring of 08 is when the proverbial excrement hit the fan......I watched in real time and had EARLY warning
from a poster on Pinecam named Digit99........who named the beast coming at us and did so a year or so ahead of time.....I took heed
and so did some other "forward thinking" posters. (Soozee,being one of those forward thinking individuals.......this fubar was on O
watch AND BUSH's watch,so don't post this "he's to blame for everything" B.S........NOT JMO.

Hmmm... "where did I say Obama was to blame for everything? He wasn't... but he is now. Today at a hearing Obama's budget manager couldn't even answer questions put to him by congressional members. And I give a lot of credit to those "forward thinking" posters on 285 Bound... too bad we can't say the same thing about our own President.

The root cause was law passed in 1999 that deregulated the banking industry. Passed by a Republican congress and was veto proof (Clinton could not or did not stop it). Texas Phill Graham was the author (his spuose was also on Enron board). Derivitices based on loans driven by Wall Street was the operative weapon. Much more to follow after the fall 2012 elections.....MUCH more.

Nice talking point about the deregulated banking industry but why did Europe's regulated collapse too? How about the real estate bubble? And a fed that keeps interest rates artificially low. Btw, the dens owned government in 2009 and didn't bring back banking regulation.

deltamrey wrote: The root cause was law passed in 1999 that deregulated the banking industry. Passed by a Republican congress and was veto proof (Clinton could not or did not stop it). Texas Phill Graham was the author (his spuose was also on Enron board). Derivitices based on loans driven by Wall Street was the operative weapon. Much more to follow after the fall 2012 elections.....MUCH more.

I assume you are talking about the repeal of the Glass-Steagall Act?

Yes, the Republicans did drive that repeal. But after coming out of committee, the repeal passed overwhelmingly in both houses; 362-57 in the House, and 90-8 in the Senate. And as mentioned, Clinton did sign it. A curse on both houses that were beholden to Wall Street, I'd guess.

This comment is limited to the actual words the initial poster mentioned.

Imagine you are outside in the middle of a blizzard. You mutter, "Gee, this is lots worse than I figured." Then the trusty Jeep fails to start and you end up cursing, "This crappy experience totally sucks, it's bound to be worse than I've ever seen it." When you run out of cigarettes after scraping your knuckles on the engine a few (several) times, you shout at no-excuses Jeep that even it is "so much worse than I thought!" Finally, walking along without wheels, you break your ankle and have to drag yourself along the road, by this time exclaiming, "WTF!" and if someone were to come along and ask whether it was now way worse than you "thought it would be," you'd probably agree with that general notion...without once having told a lie. Rather, the experience itself just kept getting worse...and worse.

Whether you were completely rational, naively optimistic or just downright ignorant at the outset, you'd still probably have commented it was "worse than you thought" and "really, really bad out there -- worse than I've ever seen it" long before it got as ugly as it finally did.

BuyersAgent wrote: This comment is limited to the actual words the initial poster mentioned.

Imagine you are outside in the middle of a blizzard. You mutter, "Gee, this is lots worse than I figured." Then the trusty Jeep fails to start and you end up cursing, "This crappy experience totally sucks, it's bound to be worse than I've ever seen it." When you run out of cigarettes after scraping your knuckles on the engine a few (several) times, you shout at no-excuses Jeep that even it is "so much worse than I thought!" Finally, walking along without wheels, you break your ankle and have to drag yourself along the road, by this time exclaiming, "WTF!" and if someone were to come along and ask whether it was now way worse than you "thought it would be," you'd probably agree with that general notion...without once having told a lie. Rather, the experience itself just kept getting worse...and worse.

Whether you were completely rational, naively optimistic or just downright ignorant at the outset, you'd still probably have commented it was "worse than you thought" and "really, really bad out there -- worse than I've ever seen it" long before it got as ugly as it finally did.

I'll totally agree with you... Obama is ignorant.

And with record gas prices of $5 around the nation, it looks like the Obama recession will continue.

Maybe there is still time to re-start the Keystone pipeline. And green energy was supposed to save us? It still doesn't make sense even with oil above $100 a barrel.