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Economy
Obama says U.S. economy "still hurting"
2010-09-21
(Xinhua) -- U.S. President Barack B.O. Obama said Monday that the economy is still hurting millions of Americans even though the recession has been officially declared over.
It is precisely for this kind of brilliant insight that Mr. Obama, esq. was elected to the White House. Truly, the man is a genius with at least a 125 IQ, just like the on-line IQ tests advertise.
"The hole was so deep that a lot of people out there are still hurting," Obama addressed a town-hall-style meeting telecast live on CNBC before heading to Pennsylvania to raise money for a Democratic Senate candidate.

He spoke shortly after the National Bureau of Economic Research (NBER), a panel of academic economists' announcement on Monday that the U.S. recession started in December 2007 officially ended in June 2009.
That was the first dip of the recession. When did the second dip start? We're still waiting for the banks to finish recapitalizing and the problem-mortgage backlog to be cleared from the system. Credit card debt seems to be taking care of itself on an individualized basis as people pay it down rather than buy more, so that is something.
"Even though economists may say that the recession officially ended last year, obviously for the millions of people who are still out of work, people who have seen their home values decline, people who are struggling to pay the bills day to day, it's still very real for them." Obama said.
Brilliant, Mr. President! How do you do it?
?U.S. unemployment, currently at 9.6 percent, is projected not possible to fall significantly in the short future. About 8 million Americans remain out of work now.

Obama repeated that the current economic difficulty is the result of the previous administration
Do stop whining Mr. President. It's so unattractive.
and he asked the American people for more patience. "Something that took ten years to create is going to take a little more time to solve," Obama said.

In responding to the critics that the country's economic situation is on the wrong track, Obama said that everything is not "where it needs to be," but that the nation is "moving in the right direction."
That does appear to be true, although in the political sense of more conservative rather than the judgemental sense of more correct. But the error is commonly made even by the putatively brilliant.
As for criticism that his policies are anti-business, Obama said they've helped businesses be profitable, and stabilized financial markets.
When businesses are more profitable they pay more taxes and hire more staff. That does not seem to be happening, which indicates they aren't. Smart people understand this.
When asked if he had any plans to replace his two top economic advisers -- Treasury Secretary Timothy Geithner and chief economic adviser Lawrence Summers, Obama said that he had not made any determinations about changing personnel on his team.

Republicans criticized that the B.O. regime's economic policy failed, at least in terms of unemployment rate. They called for Obama to fire both of his top economic advisers.

Obama said, "This is tough work that they do."

He said that "the most important thing we can do right now is grow our economy."

The U.S. economy grew at 1.6 percent in the second quarter, a much slower pace that the previous quarter, which recorded at 3.7 percent.
Posted by:Fred

#17  ION BRITAIN > propsals to for repor cash-strapped LONDON = BRIT GOVT. to copy many THIrd World States + formally recruit, send LARGE NUMBERS OF UN-EMPLOYED BRITS OVERSEAS AS INTERNATIONAL CONTRACT LABOR [read, Percentage of $$$ Remittances earned overseas to go back into London Govt coffers].

USA???

OTHER NET > "STRATEGIC RESERVE FORCE" FOR MILITARY OR NATIONAL CONTINGENCY INCLUD "ECONOMIC CONTINGENCY"???

D *** NG IT, TIME FOR AMERICA = AMERIKA, THE OWG MIGHTY USSA = OWG WEAK USRoA SSR, TO DUST OFF ALL OF THOSE OLD BOB HOPE-N-BING CROSBY HOBO "ROAD" MOVIES, + ABBOTT-N-COSTELLO!

Also starring DOROTHY LAMOUR, BETTY GRABLE, ETAL. as YOUSE + AL BUNDY'S FAV ORION GREEN SPACE BIKINI BABE(S)!
Posted by: JosephMendiola   2010-09-21 23:30  

#16  ION TOPIX/RENSE > {News.com.au] US GOVT. HIDING AMOUNT OF DEBT["ENRON Accounting", US GOP-DEM = USG ESTABLISHMENT LOVE OF EXCESSIVE OR OVER-&&& SPENDING REGARDLESS OF THE MERITS/LOSSES].

Aka US GOVT. LOVE TO "SPEND-FOR-SPENDING'S-SAKE"???

ARTIC > To wit,
* US CBO Figures = US Debt in 1980 was US$909.0BILYUHN or roughly 33% of USGDP at that time.

* YEAR 2010 = US Debt OFFICIALLY at US$13.4TRILYUHN at 92% of US GDP.

* Come YEAR 2012 [2016] = US Debt anticipated to rise to US$16.4TRILYUHN of US GDP or 100% of US GDP.

* BOSTON UNIVERSITY'S LAURENCE KOTLIKOFF > believes TRUE US DEBT is as highas US$200.0TRILYUHN [all causes].

COMPARED TO

PERT ANDREW MOYLAN > believes TRUE US debt is US$60.0TRILYUHN.

BOTH PERTS AGREE THAT ALREADY DIRE US SPENDING HABITS WILL ONLY GET WORSE [IIUC, likely due to USGovt's = Politician's inability to stop themselves].

ALL TOGETHER NOW, WID FEELING > D **** NGED 2013 = SOLAR FLARES!
Posted by: JosephMendiola   2010-09-21 23:15  

#15  "The hole was so deep that a lot of people out there are still hurting"

Hole? I thought it was a ditch.

Or is a ditch a really-long hole?
Posted by: Pappy   2010-09-21 22:14  

#14  Obama says U.S. economy "still hurting"

What the man really meant to say is "Damn, it's not dead yet?" How can they put in place total central state planning and programming while there is still life in the sucker?
Posted by: Procopius2k   2010-09-21 21:30  

#13  "Obama repeated that the current economic difficulty is the result of the previous administration"

-the grace period for blaming your precessor past abt a yr ago. Man up you pussy.
Posted by: Broadhead6   2010-09-21 20:58  

#12  Wait now...previous administration, 8 years, is at fault but this has been 10 years in the making?

I like it when he scolds the press corpse about what programs to cut. The easy answers would be pork projects and not expanding the health care wing of government, but how can we know since the Democrats failed to make a budget. And his down with the middle class struggle talk he gave when he faked reading note cards in between teleprompter volleys. Soo cool.

And the hair, wonderfult. Like a just for men commercial. "This look says I'm young and down with the struggle." "Well this look says I'm wise and can solve the Middle East."

Sounds petty when someone else does it, eh? At least he didn't say teabagger or flip the bird.
Posted by: swksvolFF   2010-09-21 17:05  

#11  but..but..the Jets player said happy days are here now...so confused.
Posted by: swksvolFF   2010-09-21 16:34  

#10  The Economy started going south the day the Democratic Congress took over in 06 and refused to enact any sort of housing (Freddie / Fanny) regulation.
Posted by: CrazyFool   2010-09-21 15:01  

#9  Obama repeated that the current economic difficulty is the result of the previous administration

Didn't this imperialistic POS say something just last month that the time for blame was past and it was a whole new ball game?

Or some other such bullsh!t?

I get sooooo tired of listening to his constant whine; it's like tinitius that comes from an outside source.
Posted by: USN, Ret.   2010-09-21 14:16  

#8  Marx says, Lenin says, Stalin says, Hitler says, Mussolini says, Idi Amin says, Che says, Castro says, Pol Pot says, Saddam says, Chevez says, Ahmadinejad says, Kim Jong-Il says, Mugabe says......Obama says..... enough of these broken record, megalomaniac blatherings.
Posted by: Besoeker   2010-09-21 11:39  

#7  Metastasising Cancer says host still ill.
Posted by: Bright Pebbles   2010-09-21 11:02  

#6  You know, no one believes anything the BHO says anymore. He talks too much and does nothing. The economists who said the recession is over come across as being in the government pocket. They ought to demand the money back which they spent becoming "experts" and find another line of work.
Posted by: JohnQC   2010-09-21 10:14  

#5  Obama says U.S. economy "still hurting"
he should know, he's the main cause, and NOT helping.
Posted by: Redneck Jim   2010-09-21 10:03  

#4  Debtwatch thinks there is a long way to go in the current recession despite the current small upturn.

Deleveraging with a twist
Posted by: phil_b   2010-09-21 09:50  

#3  Bambi is truly a dipshit.
Posted by: DarthVader   2010-09-21 08:37  

#2  He said that "the most important thing we can do right now is grow our economy."

And the 4-6 million new or saved jobs that you spoke about nearly two years ago..... where might they be Mr. President?
Posted by: Besoeker   2010-09-21 07:25  

#1  As for criticism that his policies are anti-business, Obama said they've helped businesses be profitable, and stabilized financial markets.

Banks can borrow money to by T-Bills; great, just great. Dead is stable too.
Posted by: Mike Ramsey   2010-09-21 01:33  

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