I do blame him for piling on fraudulent spending gimmicks that pays off his constituency while taking capital from the productive side of the economy and digging us deeper into the economic hole.
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| Economy |
| Howard Davidowitz: U.S. Economy "Is a Complete Disaster" |
| 2010-07-05 |
| The U.S. economy is in shambles and Americans will continue to see high unemployment and lower living standards in the years to come, Howard Davidowitz tells Henry and Aaron in the accompanying clip. Davidowitz lays much of the blame for the economy's woes at the feet of the Obama administration, which he calls "the worst of my lifetime." Davidowitz says that the key to Obama's success is his ability to sell his policies to the public. He can confidently read from a teleprompter and appear competent and in control, when in reality, "it's one big bag of empty words," Davidowitz says of Obama's messages. Davidowitz contends that the President's spending, including the health-care bill, is creating massive deficits that will take the U.S. years to dig itself out of. "He is Mr. Mass Destruction," Davidowitz says of Obama. "I mean he is a human destroyer. This guy has spent his way into oblivion and we don't have a budget. He is surrounded by a bunch of complete incompetents, led by himself. " As far as the actual economy goes, Davidowitz's chief concern is the strained state of the housing market, from which the bad news continues to pour in. According to Davidowitz, Americans are facing an $8 trillion negative wealth effect from the bursting of the housing bubble. "We're talking about some serious money here," Davidowitz exclaims. "I mean this is a complete disaster and that's why we are going to have a double dip. We're guaranteed a double dip in housing." Davidowitz says that the job market is also in ruins, noting for every new job there are six applicants. As a result of the intense competition for positions, employers can offer lower wages. Young people entering the work force today can expect to make less money in their lifetime than previous generations. Considering the majority of new jobs are created by small businesses, Davidowitz argues that new regulations governing loans to small businesses are only making matters worse -- both for the entrepreneurs and the millions of people out of work. "We have this insane new regulation," Davidowitz says. "Community banks will not even be able to fill out the forms. They'll pack up and quit. They're already underwater. Commercial real estate is still terrible." Asked whether he thought the U.S. would experience another Great Depression, Davidowitz said the coming years will look more like Japan today vs. the U.S. in the 1930s. People will be making and spending less money and the nation as a whole will be dealing with the consequences of the deficit, he says. "We are in a struggle, day by day it's ugly. At the core, when we look at our debt, we are going to have to deal with it." A few months ago, while other analysts claimed that the economy would continue to follow a V-shaped recovery path, Davidowitz seemed out of step by insisting the nation's problems were still dire. Regardless of what you think of his message or style, Davidowitz's doom and gloom outlook now appears much more credible. |
| Posted by:Fred |
| #8 Davidowitz lays much of the blame for the economy's woes at the feet of the Obama administration, which he calls "the worst of my lifetime." The worst economy or the worst administration or both? |
| Posted by: JohnQC 2010-07-05 17:17 |
| #7 I do blame |
| Posted by: ed 2010-07-05 11:38 |
| #6 Anyone with half a brain knew this prior to the election. The rest of the electorate voted 0 in. |
| Posted by: Anguper Hupomosing9418 2010-07-05 11:38 |
| #5 I can't blame Obama for getting us into this mess. I can blame "Buddha Temple" Clinton for his atrocious 1994 China WTO and MFN sellout, directly breaking a campaign pledge. You can see the progression of our decline in this graph: I do blame him for piling on fraudulent spending gimmicks that pays off his constituency while taking capital from the productive side of the economy and digging us deeper into the economic hole. |
| Posted by: ed 2010-07-05 11:37 |
| #4 when your economic policy is based upon how many new voters you can muster, you know that spells disaster. The country needs Nov. to come ASAP to start phase 1 of Obamdecktomy. |
| Posted by: HammerHead 2010-07-05 10:41 |
| #3 He can confidently read from a teleprompter and appear competent and in control, when in reality, "it's one big bag of empty words," Davidowitz says of Obama's messages. Anyone with half a brain knew this prior to the election. |
| Posted by: NCMike 2010-07-05 09:10 |
| #2 The Obama Admin can bring out the Mission Accomplished banner, I guess. "The Obama Administration is an Inside Job" |
| Posted by: eLarson 2010-07-05 09:03 |
| #1 Well, you refuse to fix the mark to market, freddie mack, fannie mae, and all the "swaps" you complain about are not fixed as the US government forced all that debt into the market in the first place. Conditions have not been fixed so you have a market waiting for the next bubble which will be reserve currency"" and that will wreck us all. Something about economics and history, it always seems to end the same way Hey America, you are Argentina now! Eliminate the electoral college, and you may call yourself Romans for about a year, but then no food will be on the shelves. God speed! If your representatives are stupid, YOU are stupid. And broke. |
| Posted by: newc 2010-07-05 01:39 |