The results of Obamanomics

[Lulz]

Carterism 2.0. Stagflation and malaise is upon most of us.

Truly spoken as someone who obviously never lived throught stagflation.

highest inflation under Obama 3.6%.
highest inflation under GW Bush 4.1%.
highest inflation in 1970s 13.3%.

[Lulz]

Carterism 2.0. Stagflation and malaise is upon most of us.

Truly spoken as someone who obviously never lived throught stagflation.

highest inflation under Obama 3.6%.
highest inflation under GW Bush 4.1%.
highest inflation in 1970s 13.3%.

You make the mistake of focusing on  size rather than ratio,

Although the rate of inflation presently is low relative to that under Carter (curiously, you omit his name in the list above), the rate of growth is also lower.

The key is where the rate of growth is less than the rate of inflation there is NO real growth, and hence 'stagflation.'

As I said before truly spoken as someone who did not live through stagflation.  Stuff back then was terrible.  You didn't have to parse nuances on an internet forum to convince people that something was terribly wrong.  People were taking out mortgages with a 14% interest rate in 1981.  You are fortunate not to have lived in times like that.

After reading some of your wild posts on this thread I have come to the conclusion that a lot of the time you really don't know what you are talking about.

[Lulz]

New York Times/CBS News Poll June 26-28

Most to Blame for Economy

Bush             26%
Wall St          25%
Congress       11%
Obama            8%

Wrap your mind around that, Carl.

The people of America rebut everything Carl has said about "Obamanomics."

[Lulz]

New York Times/CBS News Poll June 26-28

Most to Blame for Economy

Bush             26%
Wall St          25%
Congress       11%
Obama            8%

Wrap your mind around that, Carl.

The people of America rebut everything Carl has said about "Obamanomics."

The amount of people responsible for what we're in today cannot fit as choices on a poll. If you stretched your imagination far enough, you can find seeds that were sown in the 1930's that are responsible. In fact, I'd be willing to say that most of the responsibility can't be blamed on the four choices, although all four have taken steps to make it worse.

I disagree.  You can draw a straight line to the first three.  Clinton and the Congress that was in place when he was in office are obviously very blameworthy.  Obama really is one of the most blameless in this whole situation by any objective measure.  I blame Bush for wasting $1 Trillion in Iraq and making Afghanistan drag on much longer than it need to.  I also blame him for a gigantic give away to the rich.

[Lulz]

I'm going to break this up into patches to annoy Lief.

I disagree.  You can draw a straight line to the first three. 

I never said these four options were not blameworthy, but the seeds of this crisis can reach back to the New Deal era. You could probably also go back to the Wilson era as well. By the way, you can go ahead and connect Wall St. to Obama as well.

You must be logged in to read this quote.

I'm assuming this is referring to the Glass-Steagall repeal? The lifting the barriers between commercial and investment banks had nothing to do with our troubles now. There were not large scale financial collapses in other industrialized nations who had no "Glass-Steagall" put into effect after WWII. Canada, for instance did not have those barriers on financial and  commercial banks.

You must be logged in to read this quote.

Now hold on there. Obama voted for TARP too. Carl was actually right when he pointed out that the "stimulus" was really just a lot of pork and funds for congressional pet projects. I don't even see that as an application of Keynesian economics, just a ridiculous waste of money. 

You must be logged in to read this quote.

Well, okay, I guess I agree with that.

You must be logged in to read this quote.

That depends on what you mean by "give away to the rich" If you're referring to the Bush tax cuts, than I'd fail to see how it's a "giant give away" when it's their own money. Of course that doesn't excuse Bush's huge give away to Big Pharma with the prescription drug bill, and of course the huge theft from the taxpayers by the banks in 2008.

Well Saudi Arabia doesn't have a Glass Stegall Act and they're doing fine.  That doesn't disprove that OUR system needs the Glass-Steagall Act.  If Glass-Steagall was in effect today the recession would not be anywhere near as severe.  That's a fact.

The bailouts worked and were one of the smart moves GW Bush and Obama made.  The key thing to do after bailouts is REGULATE.  Industry lobbies and Republicans effectively blocked that step.

The rich didn't earn their money in a vacuum.  EVERY single billionaire has used a disproportionate amount of public resources in the course of building their fortune, whether its the roads, ports, bandwidth, airspace and/or raw tax dollars (ie Halliburton)  It is absurd that people think these people made their money all by their lonesome on a island somewhere.

[Lulz]

Published: Wednesday, 16 Mar 2011

Reuters

Wholesale prices rise 1.6 pct. due to biggest jump in food costs in more than 36 years

June 30, 2011 7:41 pm

Financial Times

Corn futures have suffered their steepest fall in 15 years after record prices prompted US farmers to defy wet spring weather to plant a sharply increased acreage of the grain.

Looks like "Obamanomics" is working