Biden Pegs Bullshit Meter: We Misread The Economy!

[Dixie - In Memoriam]

http://online.wsj.com/article/SB124680904844296383.html

WASHINGTON -- Vice President Joe Biden said the Obama administration "misread how bad the economy was" and didn't foresee unemployment levels nearing double digits, in comments likely to intensify calls for the administration to do more to counter job losses.


January 4, 2008: Jobless Rate Hits Two-Year High, Fanning Recession Fears

July 20, 2007: Analyst warns of ripple effect of loan failures

Dec. 28, 2004: Warren Buffett Warns of Financial 'Chaos'

February 25, 2004: Greenspan Takes On Housing Industry, Warns Rising Debts Will Hurt Economy.

2003: US lurching towards 'debt explosion' with long-term interest rates on course to double

In a 2003 paper, Thomas Laubach, the US Federal Reserve’s senior economist, calculated the impact on long-term interest rates of rising fiscal deficits and soaring national debt. Applying his assumptions to the recent spike in the US fiscal deficit and national debt, long-term interests rates will double from their current 3.5pc.

The impact would be devastating by making it punitively expensive to finance national borrowings and leading to what Tim Congdon, founder of Lombard Street Research, called a “debt explosion”. Mr Laubach’s study has implications for the UK, too, as public debt is soaring. A US crisis would have implications for the rest of the world, in any case.

The study is damning because Mr Laubach was the Fed’s economist at the time, going on to become its senior economist between 2005 and 2008, when he stepped down. As a result, the doubling in rates is the US central bank’s own prediction.

Mr Congdon said the study illustrated the “horrifying” consequences for leading western economies of bailing out their banks and attempting to stimulate markets by cutting taxes and boosting public spending. He said the markets had failed to digest fully the scale of fiscal largesse and said “current gilt yields [public debt] are extraordinary low given the size of deficits”.

Should the cost of raising or refinancing public debt in the markets double, “the debt could just explode”, he said, adding that it would come to a head in “five to 10 years”.
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So........ Mr. Biden, you may be able to bullshit the brain-dead masses who thought it would be a good idea to make you second in command, but you can't bullshit the rest of us. It is a LIE that "no one knew" the economy would be this bad! It is a LIE that "no one saw this coming!" It has been predicted by Senior Fed Analysts since 2003! Much of the 2008 Presidential Campaign was centered around THE ECONOMY! It is total pathetic COP OUT to NOW claim that "no one knew if would be this bad!" That is utter bullshit, and most of us who haven't been marinated in koolaid, know it's bullshit.

 

[uscitizen]

:lmao:

So now dixie is palying the part I played for years.
For which he ridiculed me.

 

[Onceler]

Double digit unemployment was predicted by Fed analysts since 2003?

 

[Topspin]

come on jobs saved is way worse a sin than misreading the economy.
Everybody missreads, job's saved is Misleads

 

[Dixie - In Memoriam]

:lmao:

So now dixie is palying the part I played for years.
For which he ridiculed me.

The POINT, which seems to have flown comfortably over your empty pinhead, is that the Obama Administration and every Democrat KNEW how bad the economy was going to be! It's about all we have fucking heard from you people the past 8 years... that and the Iraq War! To suggest NOW, that your administration "misread how bad" it was going to be, is laughable! I mean, rolling on the floor spitting beer out my nose laughable! Biden has to be living in some fantasy land with the late Micheal Jackson, to believe his own bullshit!

YES... Obama and Biden KNEW how bad the economy was going to be, EVERYONE was saying it, for YEARS AND YEARS! This is the most absurd and ridiculous COP-OUT any politician has ever tried to pull on the American people, and it will be interesting to see, just how many whiny-ass Democraps jump in here to defend this buffoon and his comments.

 

[Onceler]

"The POINT, which seems to have flown comfortably over your empty pinhead,"

Copycat.

 

[uscitizen]

http://www.justplainpolitics.com/worst-economy-since-hoover-sets-dow-record-high-p25170.html?&highlight=economy#post25170

wisdom from Dixie:

Isn't it incredible, how different the philosophies are on this, now that the economy is great and the Dow is at an all-time high? All of a sudden, Bush doesn't have a damn thing to do with the economy and never has, no president has anything to do with the economy in any way whatsoever... yet, just 2 years ago, the Democratic presidential nominee rallied these same people around the mantra that this was "the worst economy since Hoover!"

It's absolutely astonishing, how Bush takes it in the shorts, left and right, on the dismal and sluggish economy, in spite of having to overcome 9/11, the dotcom bubble burst, and massive corporate corruption (which actually happened on Clinton's watch)... All we heard for months, was rant after rant on how bad things were, and it was all the fault of Bush and his tax cuts for the rich... now that the economy is at a record high... *chirp*chirp* ...What? The president doesn't have anything to do with the economy, I don't know what you're talking about....

Despite what you want to project, the president and the administration policy does effect the economy... ergo, Jimmy Carter... Ronald Reagan. You can't mention Bill Clinton without one of these pinheads lauding his wonderful economic prosperity of the 90's! So, don't give me this shit about the president isn't responsible for the economy being good, if Clinton was responsible for the great economy of the 90's, Bush is responsible for the current boon. The Bush tax cuts stimulated the economy and grew it out of the Clinton recession, in spite of all the various negatives the economy had to overcome. Now that the Dow has set a record high, you're goddamn straight Bush is going to take credit for it, and deservedly so.

More wisdom from Dixie . The same thread.

Dow Jones at an all-time high...
Unemployment lower than average over the previous 4 decades...
Housing starts higher than ever...
First-time homeownership among minorities at all-time highs...
Intrest rates at unprecidented lows...
New businesses on the rise...
Gas prices in decline...

Every single economic indicator you can look at, is showing our economy to be one of the strongest in decades, and all pinheads can do is bluster and spin and try to paint doom and gloom where there is none! No frikkin wonder Care has to pull out the anti-war rhetoric in this thread, there isn't much she can say about the GREAT BUSH ECONOMY!

interested parties might want to review this thread.

http://www.justplainpolitics.com/worst-economy-since-hoover-sets-dow-record-high-t1211.html?highlight=economy

 

[Cancel 2018. 3]

how in the world does this mesh with the fear mongering obama tellling us poor scared folk that his spendulus plan doesn't pass we are going to see an economy worse than the depression....

do obama and biden actually believe that simply passing his plan magically was a fix? how could he possibility misread it, he facking campaigned on it

 

[Cancel 2018. 3]

so what is your point citizen? how exactly does this correlate to this thread?

 

[uscitizen]

The blindly partisan dixie and his and his parties lack of foresight on the economy as well.

Very few in my party saw it coming either.
And no one still knows how bad it will get nor how long it will last.

I however saw it coming and was ridiculed a lot for my predictions. Mostly by those on the right.
Dixie also says in that linked thread that the debt does not matter to the economy. He is singing a different song now. Care and I took the opposite viewpoint that debt does matter.
Which most now realize that it does.

 

[Cancel 2018. 3]

mccain, who claims to be republican, also campaigned on the severe economic crisis....

i think biden and obama are really setting this up for a second stimulus...he will use more and more fear mongering in order to take more and more money from the citizenzs

 

[uscitizen]

mccain, who claims to be republican, also campaigned on the severe economic crisis....

i think biden and obama are really setting this up for a second stimulus...he will use more and more fear mongering in order to take more and more money from the citizenzs

If he would just give it to the citizens instead of corps....
Obama is too far in the corporate pockets and mindset.

 

[Dixie - In Memoriam]

The blindly partisan dixie and his and his parties lack of foresight on the economy as well.

Very few in my party saw it coming either.
And no one still knows how bad it will get nor how long it will last.

I however saw it coming and was ridiculed a lot for my predictions. Mostly by those on the right.
Dixie also says in that linked thread that the debt does not matter to the economy. He is singing a different song now. Care and I took the opposite viewpoint that debt does matter.
Which most now realize that it does.

You are so beyond stupid it's almost impossible to communicate...*sigh* but I shall try....

This thread has nothing to do with what I may or may not have said about the national debt as it pertains to the economy in 2006, when our debt was roughly 1/4 of what it is now, under the Obama Administration. What I had to say about the economic conditions in the real world at that time, has no bearing on what the DEMOCRATS and in particular, OBAMA AND BIDEN were saying, were claiming, were well aware of! They based an entire political campaign on this "Worst Economy Since Hoover!" theme! Did Biden have Brain Freeze, and forget that?

How in the living hell can Biden say, with a straight face; "We misread how bad the economy would be.... no one anticipated it being this bad...." How can he think the American people are THAT stupid?

 

[Cancel 2018. 3]

You are so beyond stupid it's almost impossible to communicate...*sigh* but I shall try....

This thread has nothing to do with what I may or may not have said about the national debt as it pertains to the economy in 2006, when our debt was roughly 1/4 of what it is now, under the Obama Administration. What I had to say about the economic conditions in the real world at that time, has no bearing on what the DEMOCRATS and in particular, OBAMA AND BIDEN were saying, were claiming, were well aware of! They based an entire political campaign on this "Worst Economy Since Hoover!" theme! Did Biden have Brain Freeze, and forget that?
How in the living hell can Biden say, with a straight face; "We misread how bad the economy would be.... no one anticipated it being this bad...." How can he think the American people are THAT stupid?

exactly

 

[Cancel 2018. 3]

If he would just give it to the citizens instead of corps....
Obama is too far in the corporate pockets and mindset.

don't look now onceler, but here is yet ANOTHER example of how obama is like bush and how you guys bashed bush for this yet are now silent as to obama

citizen and BAC are the only left leaning folks i've seen mention it

 

[Onceler]

don't look now onceler, but here is yet ANOTHER example of how obama is like bush and how you guys bashed bush for this yet are now silent as to obama

citizen and BAC are the only left leaning folks i've seen mention it

What...USC's opinion?

I have debated w/ USC & BAC and others on this. They basically see Wall St. as being separate from Main St.; I do not. I did not with the bailouts under Bush, and I do not with the bailouts under Obama.

 

[DamnYankee]

You are so beyond stupid it's almost impossible to communicate...*sigh* but I shall try....

This thread has nothing to do with what I may or may not have said about the national debt as it pertains to the economy in 2006, when our debt was roughly 1/4 of what it is now, under the Obama Administration. What I had to say about the economic conditions in the real world at that time, has no bearing on what the DEMOCRATS and in particular, OBAMA AND BIDEN were saying, were claiming, were well aware of! They based an entire political campaign on this "Worst Economy Since Hoover!" theme! Did Biden have Brain Freeze, and forget that?

How in the living hell can Biden say, with a straight face; "We misread how bad the economy would be.... no one anticipated it being this bad...." How can he think the American people are THAT stupid?

The democrats have and always will be completely dishonest their real agenda is to control people Rahm Emmanuel said it don't let a crisis go to waste so much the better if they can cause it in the first place and these dummies who post here eat it up.

 

[Cancel 2018. 3]

What...USC's opinion?

I have debated w/ USC & BAC and others on this. They basically see Wall St. as being separate from Main St.; I do not. I did not with the bailouts under Bush, and I do not with the bailouts under Obama.

i am merely pointing out yet another example...i gave some the other day and you claimed that i only gave one and you laughed that was all we had....

 

[TuTu Monroe]

mccain, who claims to be republican, also campaigned on the severe economic crisis....

i think biden and obama are really setting this up for a second stimulus...he will use more and more fear mongering in order to take more and more money from the citizenzs

Yep, the word is out that the Dems have said a 2nd err, ah stimulus package is not off the table. Hey, if one doesn't succeed, try, try again.

 

[Damocles]

Yep, the word is out that the Dems have said a 2nd err, ah stimulus package is not off the table. Hey, if one doesn't succeed, try, try again.

They haven't even started getting into spending the vast majority of the first "stimulus". There is no way they should be considering a second, make it so the first one actually stimulates the economy by actually getting money into the economy then we can start talking about another.