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Thread: Obamanomics 2009!

  1. #1

    Obamanomics 2009!

    [QUOTE]
    (CNN) -- President-elect Barack Obama on Monday called the financial crisis one of "historic proportions" and said that he and the Bush administration are "united" in their efforts to get the economy back on track.


    President-elect Barack Obama announces his financial team at a news conference Monday.

    1 of 2 As Obama unveiled his economic team, he said there isn't "a minute to waste" when it comes to rebuilding the economy.

    "My commitment is to do what is required. President Bush has indicated that he has the same approach, the same attitude," Obama said at a news conference in Chicago, Illinois.

    Obama's remarks came just hours after the federal government announced a massive rescue package for Citigroup -- which President Bush said he'd spoken about with Obama before it was announced.

    Obama said Monday that he has asked his newly formed economic team to develop recommendations for his economic plan, which he outlined Saturday, and to consult with Congress, the current administration and the Federal Reserve on immediate economic developments over the next two months.

    In selecting his economic team, Obama said he sought leaders who share his fundamental belief that "we cannot have a thriving Wall Street without a thriving Main Street." Watch Obama call the economic crisis one of 'historic proportions

    Obama selected New York Federal Reserve President Tim Geithner as treasury secretary and former Treasury Secretary Larry Summers as chief of the National Economic Council. Read about Obama's economic team

    Geithner helped manage Wall Street's financial meltdown earlier this year, overseeing the acquisition of Bear Stearns by JPMorgan Chase, the bailout of AIG and the collapse of Lehman Brothers. He was appointed as the New York Federal Reserve president in November 2003.

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    Summers served as treasury secretary in the Clinton administration. He was the chief economist of the World Bank from 1991 through 1993. Prior to his career in government, Summers taught economics at Harvard.

    University of California-Berkeley economics professor Christina Romer has been chosen to be the chair of the President's Council of Economic Advisers.

    The Council of Economic Advisers is a group of economists -- including three who are appointed by the president and need Senate confirmation -- that advise the president on economic policy. iReport.com: Share your thoughts on Obama's cabinet choices

    Obama also announced Melody Barnes as director of the Domestic Policy Council and Heather Higginbottom as deputy director of the Domestic Policy Council.

    Obama on Saturday offered an outline of his economic recovery plan to create 2.5 million jobs by 2011, saying American workers will rebuild the nation's roads and bridges, modernize its schools and create more sources of alternative energy. Watch Obama outline his economic plan

    Details of the plan are still being worked out by his economic team, Obama said, but he hopes to sign the two-year, nationwide plan shortly after taking office January 20.

    During the presidential campaign, Obama proposed a $175 billion stimulus package over a two-year period, but some of his economic advisers have said recently that the package would need to be much larger.

    Obama on Monday declined to speculate about how large the stimulus package would need to be, saying it's important for his economic team to come back with a recommendation.

    "We have to make sure that the stimulus is significant enough that it really gives a jolt to the economy," he said. "We are going to do what's required to jolt this economy back into shape," he said.

    Also this weekend, sources told CNN that Obama is expected to pick New Mexico Gov. Bill Richardson as secretary of commerce.


    Obama aides also have told CNN that Obama is "on track" to nominate Sen. Hillary Clinton as his secretary of state after Thanksgiving.

    Obama's picks mean that at least three former rivals from the Democratic presidential primaries will be in senior posts in the Obama administration: Richardson, Clinton and Vice President-elect Joe Biden.[/QUOTE]

    It's beginning to looooook alot liiiiiike Clin'ton, everywhere we gooooooo.......:

  2. #2
    yeah wouldn't want to live through that Clinton economy again. all those jobs, all that money *shiver*

  3. #3
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    [QUOTE=bitonti;2879641]yeah wouldn't want to live through that Clinton economy again. all those jobs, all that money *shiver*[/QUOTE]

    LOL.

    The best part is that you believe it

  4. #4
    [QUOTE=bitonti;2879641]yeah wouldn't want to live through that Clinton economy again. all those jobs, all that money *shiver*[/QUOTE]

    Oh, no doubt.

    We'll all be working (for the Govt.) soon I'm sure.:P

  5. #5
    [QUOTE=bitonti;2879641]yeah wouldn't want to live through that Clinton economy again. all those jobs, all that money *shiver*[/QUOTE]

    ....which really got it's start with a 'pub take-over of Congress, right, bit?

  6. #6
    Let's all close our eyes and pretend our economy is not in horrible shape. Wall continues to ask for more and more money.

    And it's already Obama's fault.

  7. #7
    [QUOTE=bitonti;2879641]yeah wouldn't want to live through that Clinton economy again. all those jobs, all that money *shiver*[/QUOTE]private sector jobs?

  8. #8
    See China and outsourcing. Jobs are expendable they f the bottom line up.

    [QUOTE=2foolish197;2879953]private sector jobs?[/QUOTE]

  9. #9
    [QUOTE=cr726;2879970]See China and outsourcing. Jobs are expendable they f the bottom line up.[/QUOTE]so, thats a no?

  10. #10
    [QUOTE=cr726;2879950]Let's all close our eyes and pretend our economy is not in horrible shape. Wall continues to ask for more and more money.

    And it's already Obama's fault.[/QUOTE]

    Actually I don't believe the economy is in "horrible shape!" It's obviously not in good shape, but it's not the crisis the media says it is

    Over 90% still employed

    In the 1st Q of this year 1 of every 194 households got a foreclosure filing which means that 193 of every 194 didn't get one.

    Gas is now under $1.60 in my area

    My realtor friend said she's had an increase in contracts in the last 6 mos.

  11. #11
    [QUOTE=asuusa;2880019]Actually I don't believe the economy is in "horrible shape!" It's obviously not in good shape, but it's not the crisis the media says it is

    Over 90% still employed

    In the 1st Q of this year 1 of every 194 households got a foreclosure filing which means that 193 of every 194 didn't get one.

    Gas is now under $1.60 in my area

    My realtor friend said she's had an increase in contracts in the last 6 mos.[/QUOTE]

    Yeah, major American institutions are dropping like flies, but yeah, you're right... it's not that bad.

  12. #12
    [QUOTE=Tyler Durden;2880103]it's not that bad.[/QUOTE]

    It's not. But I am doubting much I can say will convince you.

    But if you like, look up unemployment and the other major economic indicies of both the Great Depression, and the Carter Administration, and get back to us with your own comparison.

    We have issues, no question. Serious issues that require serious action (with serious thought beforehand, not knee-jerk reactions and "must-do-it-now-or-else" bailouts). But it's not as bad as many try to make it out. Smart folks and responsible folks are doing just fine, as are smart responsible companies.

  13. #13
    I hope we will be able to still say this in the next 6 to 9 months.

    [QUOTE=Warfish;2880174]It's not. But I am doubting much I can say will convince you.

    But if you like, look up unemployment and the other major economic indicies of both the Great Depression, and the Carter Administration, and get back to us with your own comparison.

    We have issues, no question. Serious issues that require serious action (with serious thought beforehand, not knee-jerk reactions and "must-do-it-now-or-else" bailouts). But it's not as bad as many try to make it out. Smart folks and responsible folks are doing just fine, as are smart responsible companies.[/QUOTE]

  14. #14
    Public sector jobs the ones that continue to take and take!

  15. #15
    Why do we continue in these threads to place blame one one party instead of on both?

  16. #16
    [QUOTE=bitonti;2879641]yeah wouldn't want to live through that Clinton economy again. all those jobs, all that money *shiver*[/QUOTE]

    think of how much better it would have been with less barriers to hire people (ie taxes)

  17. #17
    [QUOTE=Warfish;2880174]It's not. But I am doubting much I can say will convince you.

    But if you like, look up unemployment and the other major economic indicies of both the Great Depression, and the Carter Administration, and get back to us with your own comparison.

    We have issues, no question. Serious issues that require serious action (with serious thought beforehand, not knee-jerk reactions and "must-do-it-now-or-else" bailouts). But it's not as bad as many try to make it out. Smart folks and responsible folks are doing just fine, as are smart responsible companies.[/QUOTE]Not now, but the stock market and the major business failures are probably a good sign of what's to come. Deflation is a real concern and it's extremely hard to reverse.

  18. #18
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    [QUOTE=cr726;2879950]Let's all close our eyes and pretend our economy is not in horrible shape. Wall continues to ask for more and more money.

    And it's already Obama's fault.[/QUOTE]

    It's atleast part his fault if he keeps touting BAILOUT BAILOUT BAILOUT!

    Under Bush it wa s'Corporate welfare'.

    What is the Obama version called?

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