He's assembled a first-rate economic team. -Karl Rove

Tyler Durden · 11-28-2008, 12:55 PM

[url]http://online.wsj.com/article/SB122783239069463007.html[/url]

[QUOTE]
[B][SIZE="3"]Thanksgiving Cheer From Obama[/SIZE][/B]
He's assembled a first-rate economic team.

By KARL ROVE

When President-elect Barack Obama's economic transition team met this month, everyone was there -- inflation fighters, business leaders, union firebrands and leftist economists -- creating confusion about where the new administration was headed.

Mr. Obama's announcement of his economic team on Monday provided surprisingly positive clarity. He picked as Treasury Secretary Tim Geithner, the respected, soft-spoken New York Fed president. Mr. Geithner has been a key player with Treasury Secretary Hank Paulson and Fed Chairman Ben Bernanke in confronting the financial crisis. Every major decision in the rescue effort came only after the three agreed.

The National Economic Council director-designee, Larry Summers, is another solid pick. Mr. Summers has been an advocate for trade liberalization, he was the Clinton administration's negotiator for the financial deregulation known as Gramm-Leach-Bliley, and he even attempted to rein in Fannie Mae and Freddie Mac in the 1990s.

Mr. Obama also named a respected monetary expert -- Christina Romer -- to head up his Council of Economic Advisors. On Tuesday he selected a first-rate thinker, Peter Orszag, to be director of the White House's Office of Management and Budget.

Before Karl became known as "The Architect" of President Bush's 2000 and
The only troubling personnel note was Melody Barnes as Domestic Policy Council director. Putting a former aide to Ted Kennedy in charge of health policy after tapping universal health-care advocate Tom Daschle to be Health and Human Services secretary sends a clear signal that Mr. Obama didn't mean it when his campaign ads said he wouldn't run to the "extremes" with government-run health care.

He did not reduce confusion on a Detroit bailout by saying he supported a "sustainable auto industry." America already has that in 69 foreign-owned auto plants that employ 92,700 Americans. The question is this: Does Mr. Obama want a sustainable U.S.-owned auto industry? If so, will he require changes in the Big Three's management, labor agreements and cost structure in return for aid? All he'd say Monday was that the industry needed to develop a plan.

And despite the president-elect's declaration Monday that "we have a consensus, which is pretty rare, between conservative and liberal economists," there is no agreement about the elements of a stimulus package.

Stanford economist Michael Boskin reminds us that conservatives favor permanent, or long-lived, measures to revive the economy -- incentives like lower income-tax rates, actions to speed recovery of capital costs like bonus depreciation, and steps with an immediate effect on job creation such as cuts in corporate tax rates.

So far, Mr. Obama has only offered unspecified subsidies for "green jobs" and infrastructure spending. Politicians like infrastructure spending because it gives them something concrete to point to. But though Japan spent $516 billion on infrastructure in the 1990s, it didn't stimulate their economy. What makes Mr. Obama think it will work in America? The reason infrastructure is a poor stimulant is that there is a long lag time between project approval and when dollars actually get spent, even for projects on the drawing board.

Mr. Obama suggests that giving consumers up to $500 (his "tax cut for 95% of Americans") will stimulate consumption. Congressional Democrats have demanded rebates like this for people who don't pay income taxes in every stimulus package -- with negligible results. As Harvard economist Martin Feldstein pointed out in these pages in August, a mere 10% to 20% of this year's rebate was spent.

During the campaign, Mr. Obama defined madness as "doing the same things over and over again and expecting something different." He should take those words to heart in preparing his stimulus package

Mr. Obama has less than a month to work out the dimensions of the stimulus and auto legislation he wants passed before his Jan. 20 inauguration. If he continues to hesitate, Congress will give him a mish-mash of spending, rebates, subsidies and pork that won't create the 2.5 million jobs in two years he promises. Congress is hard to stop from budgetary excesses in ordinary times. And these are not ordinary times.

After hearing Mr. Obama's campaign attacks on "the swelling budget deficit," it is jarring to hear him now suggest the deficit will need to be larger to accommodate more spending. He has to be mindful that voters have not been prepared for the numbers now being thrown around.

But, overall, Monday's announcement of Mr. Obama's economic team was reassuring. He's generally surrounded himself with intelligent, mainstream advisers. Investors, workers and business owners can only hope that, over time, this new administration's economic policies bear more of their market-oriented imprint.
[/QUOTE]

AlbanyJet · 11-29-2008, 09:47 AM

Whether it's economics or national security/defense - Barack Obama sure looks and sounds like a Republican.

:jets18

Piper · 11-29-2008, 11:03 AM

NOW you believe Karl Rove?

HDCentStOhio · 11-29-2008, 12:13 PM

[QUOTE=Piper;2885632]NOW you believe Karl Rove?[/QUOTE]

You would think Obama was the New York Yankees the way Tyler is cheerleading. Why don't we actually wait until the guy takes office and actually enacts policy before we heap praise or scorn? Guess this is what happens when the Yankees miss the playoffs, have to find someone else to cheerlead for to keep up the 20 posts per day. ;)

Tyler Durden · 11-29-2008, 12:34 PM

[QUOTE=HDCentStOhio;2885698]You would think Obama was the New York Yankees the way Tyler is cheerleading. [B]Why don't we actually wait until the guy takes office and actually enacts policy before we heap praise or scorn? [/B]Guess this is what happens when the Yankees miss the playoffs, have to find someone else to cheerlead for to keep up the 20 posts per day. ;)[/QUOTE]

You got to be kidding me? Have you looked in the mirror lately? and by that I mean look at your avatar and signature you prick. You're a walking-talking anti Obama advertisement. You can personally attack me all you want.. doesn't bother me... but don't expect me to take it lying down.

JetPotato · 11-29-2008, 04:18 PM

I love it. Karl Rove is the devil and anything that comes out of his mouth is pure garbage (unless he says something nice about the Chosen One) :rolleyes:

Tyler Durden · 11-29-2008, 04:30 PM

[QUOTE=Guido Monzino;2885907]I love it. Karl Rove is the devil and anything that comes out of his mouth is pure garbage (unless he says something nice about the Chosen One) :rolleyes:[/QUOTE]

Yup, pretty much.

Tucker134 · 11-29-2008, 04:59 PM

[QUOTE=Tyler Durden;2885721]You got to be kidding me? Have you looked in the mirror lately? and by that I mean look at your avatar and signature you prick. You're a walking-talking anti Obama advertisement. You can personally attack me all you want.. doesn't bother me... but don't expect me to take it lying down.[/QUOTE]

dude you're way over the top now w the Obama man-love...pretty much every conservative in this forum is now fully behind our President-elect..it's what patriotic Americans do. My candidate lost & now I root for Obama, bc we need him to succeed. So you dont need to start thread after thread basically saying the same thing..there's no argument anymore!................yet

Tyler Durden · 11-29-2008, 05:03 PM

[QUOTE=Tucker134;2885931]dude you're way over the top now w the Obama man-love...pretty much every conservative in this forum is now fully behind our President-elect..it's what patriotic Americans do. My candidate lost & now I root for Obama, bc we need him to succeed. So you dont need to start thread after thread basically saying the same thing..there's no argument anymore!................yet[/QUOTE]

Piss off. I posted a few articles from WSJ, and this bothers you? Well too bad, don't open the thread. This is a public forum, and I can do whatever I damn well please, as long as it doesn't break any forum rules. By posting this article.. I didn't break any rules nor did I mention your candidate or give a **** that you are behind Obama, that isn't the point of the thread...so take a hike.

Tucker134 · 11-29-2008, 05:09 PM

what a little spoiled punk u are...wait til the real world gets a hold of you...whatever you're not worth it

Tyler Durden · 11-29-2008, 05:13 PM

:p

AlbanyJet · 11-29-2008, 05:13 PM

[QUOTE=Tyler Durden;2885937]Piss off. I posted a few articles from WSJ, and this bothers you? Well too bad, don't open the thread. This is a public forum, and I can do whatever I damn well please, as long as it doesn't break any forum rules. By posting this article.. I didn't break any rules nor did I mention your candidate or give a **** that you are behind Obama, that isn't the point of the thread...so take a hike.[/QUOTE]

:leaf

:jets18

HDCentStOhio · 11-29-2008, 09:30 PM

[QUOTE=Tyler Durden;2885721]You got to be kidding me? Have you looked in the mirror lately? and by that I mean look at your avatar and signature you [B]prick[/B]. You're a walking-talking anti Obama advertisement. You can personally attack me all you want.. doesn't bother me... but don't expect me to take it lying down.[/QUOTE]
Wow, someone is unhinged. Personal attack? Read your response. Grow up.

JetPotato · 11-29-2008, 09:43 PM

[QUOTE=HDCentStOhio;2886115]Wow, someone is unhinged. Personal attack? Read your response. Grow up.[/QUOTE]

He must be all torn up inside with confusion and conflict if he's proudly quoting Karl Rove

Tyler Durden · 11-29-2008, 09:52 PM

[QUOTE=Guido Monzino;2886126]He must be all torn up inside with confusion and conflict if he's proudly quoting Karl Rove[/QUOTE]

Guido.. I'm pretty certain you're not stupid, but I'll explain it to you anyways.

Karl Rove is and has obviously been an Obama critic. Seeing him compliment Obama in this way, is a bit surprising. Which is why it's news worthy.

But you are right, I believe he's a scumbag, but a scumbag who got a retarded person elected 2x, therefore a brilliant scumbag.

AlbanyJet · 11-29-2008, 10:35 PM

[QUOTE=Tyler Durden;2886132]Guido.. I'm pretty [B]curtain[/B] you're not stupid, but I'll explain it to you anyways.[/QUOTE]

OK, who wants to take this?

:jets18

asuusa · 11-29-2008, 10:36 PM

[QUOTE=Guido Monzino;2885907]I love it. Karl Rove is the devil and anything that comes out of his mouth is pure garbage (unless he says something nice about the Chosen One) :rolleyes:[/QUOTE]

:applause:
Maybe the CO has converted him from his radical right wing conspiracy ideology to mid-road?

JetPotato · 11-29-2008, 10:49 PM

Tyler, I had to. Sorry:

[url]

Tucker134 · 11-29-2008, 10:54 PM

[QUOTE=Tyler Durden;2886132]Guido.. I'm pretty certain you're not stupid, but I'll explain it to you anyways.

Karl Rove is and has obviously been an Obama critic. Seeing him compliment Obama in this way, is a bit surprising. Which is why it's news worthy.

But you are right, I believe he's a scumbag, but a scumbag who got a retarded person elected 2x, therefore a brilliant scumbag.[/QUOTE]

Calling President Bush a "retarded person" once again shows your immaturity & lack of class.

Tyler Durden · 11-29-2008, 11:07 PM

[QUOTE=Guido Monzino;2886173]Tyler, I had to. Sorry:

[url]

11-28-2008, 12:55 PM	#1
Tyler Durden Banned Join Date: Jan 2007 Posts: 31,171	He's assembled a first-rate economic team. -Karl Rove [url]http://online.wsj.com/article/SB122783239069463007.html[/url] [QUOTE] [B][SIZE="3"]Thanksgiving Cheer From Obama[/SIZE][/B] He's assembled a first-rate economic team. By KARL ROVE When President-elect Barack Obama's economic transition team met this month, everyone was there -- inflation fighters, business leaders, union firebrands and leftist economists -- creating confusion about where the new administration was headed. Mr. Obama's announcement of his economic team on Monday provided surprisingly positive clarity. He picked as Treasury Secretary Tim Geithner, the respected, soft-spoken New York Fed president. Mr. Geithner has been a key player with Treasury Secretary Hank Paulson and Fed Chairman Ben Bernanke in confronting the financial crisis. Every major decision in the rescue effort came only after the three agreed. The National Economic Council director-designee, Larry Summers, is another solid pick. Mr. Summers has been an advocate for trade liberalization, he was the Clinton administration's negotiator for the financial deregulation known as Gramm-Leach-Bliley, and he even attempted to rein in Fannie Mae and Freddie Mac in the 1990s. Mr. Obama also named a respected monetary expert -- Christina Romer -- to head up his Council of Economic Advisors. On Tuesday he selected a first-rate thinker, Peter Orszag, to be director of the White House's Office of Management and Budget. Before Karl became known as "The Architect" of President Bush's 2000 and The only troubling personnel note was Melody Barnes as Domestic Policy Council director. Putting a former aide to Ted Kennedy in charge of health policy after tapping universal health-care advocate Tom Daschle to be Health and Human Services secretary sends a clear signal that Mr. Obama didn't mean it when his campaign ads said he wouldn't run to the "extremes" with government-run health care. He did not reduce confusion on a Detroit bailout by saying he supported a "sustainable auto industry." America already has that in 69 foreign-owned auto plants that employ 92,700 Americans. The question is this: Does Mr. Obama want a sustainable U.S.-owned auto industry? If so, will he require changes in the Big Three's management, labor agreements and cost structure in return for aid? All he'd say Monday was that the industry needed to develop a plan. And despite the president-elect's declaration Monday that "we have a consensus, which is pretty rare, between conservative and liberal economists," there is no agreement about the elements of a stimulus package. Stanford economist Michael Boskin reminds us that conservatives favor permanent, or long-lived, measures to revive the economy -- incentives like lower income-tax rates, actions to speed recovery of capital costs like bonus depreciation, and steps with an immediate effect on job creation such as cuts in corporate tax rates. So far, Mr. Obama has only offered unspecified subsidies for "green jobs" and infrastructure spending. Politicians like infrastructure spending because it gives them something concrete to point to. But though Japan spent $516 billion on infrastructure in the 1990s, it didn't stimulate their economy. What makes Mr. Obama think it will work in America? The reason infrastructure is a poor stimulant is that there is a long lag time between project approval and when dollars actually get spent, even for projects on the drawing board. Mr. Obama suggests that giving consumers up to $500 (his "tax cut for 95% of Americans") will stimulate consumption. Congressional Democrats have demanded rebates like this for people who don't pay income taxes in every stimulus package -- with negligible results. As Harvard economist Martin Feldstein pointed out in these pages in August, a mere 10% to 20% of this year's rebate was spent. During the campaign, Mr. Obama defined madness as "doing the same things over and over again and expecting something different." He should take those words to heart in preparing his stimulus package Mr. Obama has less than a month to work out the dimensions of the stimulus and auto legislation he wants passed before his Jan. 20 inauguration. If he continues to hesitate, Congress will give him a mish-mash of spending, rebates, subsidies and pork that won't create the 2.5 million jobs in two years he promises. Congress is hard to stop from budgetary excesses in ordinary times. And these are not ordinary times. After hearing Mr. Obama's campaign attacks on "the swelling budget deficit," it is jarring to hear him now suggest the deficit will need to be larger to accommodate more spending. He has to be mindful that voters have not been prepared for the numbers now being thrown around. But, overall, Monday's announcement of Mr. Obama's economic team was reassuring. He's generally surrounded himself with intelligent, mainstream advisers. Investors, workers and business owners can only hope that, over time, this new administration's economic policies bear more of their market-oriented imprint. [/QUOTE]

11-29-2008, 12:34 PM	#5
Tyler Durden Banned Join Date: Jan 2007 Posts: 31,171	[QUOTE=HDCentStOhio;2885698]You would think Obama was the New York Yankees the way Tyler is cheerleading. [B]Why don't we actually wait until the guy takes office and actually enacts policy before we heap praise or scorn? [/B]Guess this is what happens when the Yankees miss the playoffs, have to find someone else to cheerlead for to keep up the 20 posts per day. ;)[/QUOTE] You got to be kidding me? Have you looked in the mirror lately? and by that I mean look at your avatar and signature you prick. You're a walking-talking anti Obama advertisement. You can personally attack me all you want.. doesn't bother me... but don't expect me to take it lying down. Last edited by Tyler Durden; 11-29-2008 at 12:44 PM.

11-29-2008, 05:03 PM	#9
Tyler Durden Banned Join Date: Jan 2007 Posts: 31,171	[QUOTE=Tucker134;2885931]dude you're way over the top now w the Obama man-love...pretty much every conservative in this forum is now fully behind our President-elect..it's what patriotic Americans do. My candidate lost & now I root for Obama, bc we need him to succeed. So you dont need to start thread after thread basically saying the same thing..there's no argument anymore!................yet[/QUOTE] Piss off. I posted a few articles from WSJ, and this bothers you? Well too bad, don't open the thread. This is a public forum, and I can do whatever I damn well please, as long as it doesn't break any forum rules. By posting this article.. I didn't break any rules nor did I mention your candidate or give a **** that you are behind Obama, that isn't the point of the thread...so take a hike. Last edited by Tyler Durden; 11-29-2008 at 05:06 PM.

11-29-2008, 09:52 PM	#15
Tyler Durden Banned Join Date: Jan 2007 Posts: 31,171	[QUOTE=Guido Monzino;2886126]He must be all torn up inside with confusion and conflict if he's proudly quoting Karl Rove[/QUOTE] Guido.. I'm pretty certain you're not stupid, but I'll explain it to you anyways. Karl Rove is and has obviously been an Obama critic. Seeing him compliment Obama in this way, is a bit surprising. Which is why it's news worthy. But you are right, I believe he's a scumbag, but a scumbag who got a retarded person elected 2x, therefore a brilliant scumbag. Last edited by Tyler Durden; 11-29-2008 at 10:45 PM.

11-29-2008, 09:47 AM	#2
AlbanyJet All League Join Date: Apr 2003 Posts: 2,623	Whether it's economics or national security/defense - Barack Obama sure looks and sounds like a Republican. :jets18

11-29-2008, 11:03 AM	#3
Piper Hall Of Fame Charter JI Member Join Date: May 1999 Location: L.I. NY (where the Jets used to be from) Posts: 13,197	NOW you believe Karl Rove?

11-29-2008, 12:13 PM	#4
HDCentStOhio longing for the days of Ronald Reagan Hall Of Fame Join Date: Jan 2006 Location: Long Island & Section 337 Posts: 4,859	[QUOTE=Piper;2885632]NOW you believe Karl Rove?[/QUOTE] You would think Obama was the New York Yankees the way Tyler is cheerleading. Why don't we actually wait until the guy takes office and actually enacts policy before we heap praise or scorn? Guess this is what happens when the Yankees miss the playoffs, have to find someone else to cheerlead for to keep up the 20 posts per day. ;)

11-29-2008, 04:18 PM	#6
JetPotato fermenting Hall Of Fame Join Date: Sep 2005 Location: New York, NY Posts: 12,132	I love it. Karl Rove is the devil and anything that comes out of his mouth is pure garbage (unless he says something nice about the Chosen One) :rolleyes:

11-29-2008, 04:30 PM	#7
Tyler Durden Banned Join Date: Jan 2007 Posts: 31,171	[QUOTE=Guido Monzino;2885907]I love it. Karl Rove is the devil and anything that comes out of his mouth is pure garbage (unless he says something nice about the Chosen One) :rolleyes:[/QUOTE] Yup, pretty much.

11-29-2008, 04:59 PM	#8
Tucker134 Let's go Isles! All League Join Date: Dec 2007 Location: NYC Posts: 2,984	[QUOTE=Tyler Durden;2885721]You got to be kidding me? Have you looked in the mirror lately? and by that I mean look at your avatar and signature you prick. You're a walking-talking anti Obama advertisement. You can personally attack me all you want.. doesn't bother me... but don't expect me to take it lying down.[/QUOTE] dude you're way over the top now w the Obama man-love...pretty much every conservative in this forum is now fully behind our President-elect..it's what patriotic Americans do. My candidate lost & now I root for Obama, bc we need him to succeed. So you dont need to start thread after thread basically saying the same thing..there's no argument anymore!................yet

11-29-2008, 05:09 PM	#10
Tucker134 Let's go Isles! All League Join Date: Dec 2007 Location: NYC Posts: 2,984	what a little spoiled punk u are...wait til the real world gets a hold of you...whatever you're not worth it

11-29-2008, 05:13 PM	#11
Tyler Durden Banned Join Date: Jan 2007 Posts: 31,171	:p

11-29-2008, 09:30 PM	#13
HDCentStOhio longing for the days of Ronald Reagan Hall Of Fame Join Date: Jan 2006 Location: Long Island & Section 337 Posts: 4,859	[QUOTE=Tyler Durden;2885721]You got to be kidding me? Have you looked in the mirror lately? and by that I mean look at your avatar and signature you [B]prick[/B]. You're a walking-talking anti Obama advertisement. You can personally attack me all you want.. doesn't bother me... but don't expect me to take it lying down.[/QUOTE] Wow, someone is unhinged. Personal attack? Read your response. Grow up.

11-29-2008, 09:43 PM	#14
JetPotato fermenting Hall Of Fame Join Date: Sep 2005 Location: New York, NY Posts: 12,132	[QUOTE=HDCentStOhio;2886115]Wow, someone is unhinged. Personal attack? Read your response. Grow up.[/QUOTE] He must be all torn up inside with confusion and conflict if he's proudly quoting Karl Rove

11-29-2008, 10:35 PM	#16
AlbanyJet All League Join Date: Apr 2003 Posts: 2,623	[QUOTE=Tyler Durden;2886132]Guido.. I'm pretty [B]curtain[/B] you're not stupid, but I'll explain it to you anyways.[/QUOTE] OK, who wants to take this? :jets18

11-29-2008, 10:36 PM	#17
asuusa All Pro Join Date: Jun 2004 Posts: 1,171	[QUOTE=Guido Monzino;2885907]I love it. Karl Rove is the devil and anything that comes out of his mouth is pure garbage (unless he says something nice about the Chosen One) :rolleyes:[/QUOTE] :applause: Maybe the CO has converted him from his radical right wing conspiracy ideology to mid-road?

11-29-2008, 10:49 PM	#18
JetPotato fermenting Hall Of Fame Join Date: Sep 2005 Location: New York, NY Posts: 12,132	Tyler, I had to. Sorry: [url]

11-29-2008, 10:54 PM	#19
Tucker134 Let's go Isles! All League Join Date: Dec 2007 Location: NYC Posts: 2,984	[QUOTE=Tyler Durden;2886132]Guido.. I'm pretty certain you're not stupid, but I'll explain it to you anyways. Karl Rove is and has obviously been an Obama critic. Seeing him compliment Obama in this way, is a bit surprising. Which is why it's news worthy. But you are right, I believe he's a scumbag, but a scumbag who got a retarded person elected 2x, therefore a brilliant scumbag.[/QUOTE] Calling President Bush a "retarded person" once again shows your immaturity & lack of class.

11-29-2008, 11:07 PM	#20
Tyler Durden Banned Join Date: Jan 2007 Posts: 31,171	[QUOTE=Guido Monzino;2886173]Tyler, I had to. Sorry: [url]